Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 4   Fine-tuning voluntary administration

Part 1   General

Corporations Act 2001

35   After section 445F

Insert:

445FA Notice of termination of deed

(1) If a company is subject to a deed of company arrangement, and:

(a) the administrator of the deed has applied all of the proceeds of the realisation of the assets available for the payment of creditors; or

(b) the administrator of the deed has paid to the creditors:

(i) the sum of 100 cents in the dollar; or

(ii) any lesser sum determined by the creditors at a general meeting; or

(c) all of the following conditions are satisfied:

(i) the company's obligations under the deed have been fulfilled;

(ii) the obligations of any other party to the deed have been fulfilled;

(iii) creditors' claims under the deed have been dealt with in accordance with the deed;

the administrator of the deed must:

(d) certify to that effect in writing; and

(e) within 28 days, lodge with ASIC a notice of termination of the deed.

(2) The notice of termination must be in the prescribed form.

Note: For termination of the deed, see section 445C.