Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 8 - Pooling  

Subdivision B - Pooling orders  

SECTION 579G   COURT MAY MAKE ANCILLARY ORDERS ETC.  

579G(1)    
If the Court makes a pooling order in relation to a group of 2 or more companies, the Court may, if the Court is of the opinion that it is just and equitable to do so, do any or all of the following things:

(a)    by order, exempt:

(i) a specified debt or claim; or

(ii) a specified class of debts or claims;

from the application of subsection 579E(2) to the group;

(b)    by order, transfer, or direct the transfer, of:

(i) specified property; or

(ii) a specified class of property;

from a company in the group to another company in the group;

(c)    by order, transfer, or direct the transfer, of liability for:

(i) a specified debt or claim; or

(ii) a specified class of debts or claims;

from a company in the group to another company in the group;

(d)    by order, modify the application of this Act in relation to the winding up of the companies in the group;

(e)    make such other orders, and give such directions, in relation to the winding up of the companies in the group, as the Court thinks fit.

Standing

579G(2)    
An order or direction under subsection (1) may only be made or given on the application of:

(a)    the liquidator of a company in the group; or

(b)    a creditor of a company in the group; or

(c)    in a case where a company in the group is being wound up under a members ' voluntary winding up - a member of the company, so long as the member is not a company in the group.

Conditional orders etc.

579G(3)    
An order or direction under subsection (1) may be made or given subject to conditions.

579G(4)    
An order or direction under subsection (1) may provide for different returns for different creditors or classes of creditors.

579G(5)    
An order or direction under subsection (1) may provide for the subordination of the debts and claims of specified creditors or classes of creditors to those of other creditors.

579G(6)    
Subsections (4) and (5) do not limit subsection (1) or (3) .

Rights of secured creditors

579G(7)    
An order or direction under subsection (1) does not affect the rights of a secured creditor, unless the relevant debt is payable by a company or companies in the group to any other company or companies in the group.

Lodgment of order or direction

579G(8)    
An order or direction under subsection (1) must be lodged with ASIC.