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

136   At the end of section 590

Add:

Meaning of relevant day

(8) In this section:

relevant day means the day on which:

(a) in relation to a company that has been wound up, has been in the course of being wound up, or is being wound up:

(i) if, because of Division 1A of Part 5.6, the winding up is taken to have begun on the day when an order that the company be wound up was made - the application for the order was filed; or

(ii) otherwise - the winding up is taken because of Division 1A of Part 5.6 to have begun; or

(b) in relation to a company of which a provisional liquidator has been appointed - the provisional liquidator was appointed; or

(c) in relation to a company that is or has been under administration - the administration began; or

(d) in relation to a company that has executed a deed of company arrangement - the deed was executed; or

(e) in relation to a company that is or has been under restructuring - the restructuring began; or

(f) in relation to a company that has made a restructuring plan - the plan was made; or

(g) in relation to a company affairs of which are or have been under investigation:

(i) if paragraph 589(2)(a) applies - the investigation began; or

(ii) if paragraph 589(2)(b) applies - a direction was given to the NCSC to arrange for the investigation; or

(h) in relation to a company in respect of property of which a receiver, or a receiver and manager, has been appointed - the receiver, or the receiver and manager, was appointed; or

(i) in relation to a company that is unable to pay its debts - the execution or other process was returned unsatisfied in whole or in part; or

(j) in relation to a company that has ceased to carry on business - a notice was first published in relation to the company under subsection 601AA(4) or 601AB(3); or

(k) in relation to a company that has entered into a compromise or arrangement with its creditors - the compromise or arrangement was approved by the Court.