Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 4   Terms relating to external administration and property

Corporations Act 2001

125   Before section 500A

Insert:

500AAA Meaning of triggering event

Each of the following is a triggering event in relation to a company:

(a) a special resolution under section 491 that the company be wound up voluntarily is passed;

(b) if section 446A applies in relation to the company because of paragraph 446A(1)(a) - the resolution referred to in that paragraph is passed;

(c) if section 446A applies in relation to the company because of paragraph 446A(1)(b) - the company first contravenes subsection 444B(2);

(d) if section 446A applies in relation to the company because of paragraph 446A(1)(c) - the resolution referred to in subparagraph 446A(1)(c)(ii) is passed;

(e) if section 446AA applies in relation to the company because of paragraph 446AA(1)(a) - the Court makes an order under section 445D terminating a deed of company arrangement in relation to the company;

(f) if section 446AA applies in relation to the company because of paragraph 446AA(1)(b) - the circumstances specified in the deed of company arrangement in which the deed is to terminate and the company is to be wound up first exist;

(g) if regulations made for the purposes of section 446B have the effect that the company is taken to have passed a special resolution under section 491 that the company be wound up voluntarily - that special resolution is taken to have passed, under the regulations;

(h) any other event prescribed by the regulations.