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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 12 - Transition to creditors ' voluntary winding up  

SECTION 446A  ADMINISTRATOR BECOMES LIQUIDATOR IN CERTAIN CASES  

446A(1)  

This section applies if:


(a) the creditors of a company under administration resolve at a particular time under paragraph 439C(c) that the company be wound up; or


(b) a company under administration contravenes subsection 444B(2) at a particular time; or


(c) the company ' s creditors:

(i) pass a resolution terminating a deed of company arrangement executed by the company; and

(ii) also resolve at a particular time under section 445E that the company be wound up.
 View history reference

[ CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[125] apply in relation to external administrations on and after 1 September 2017.]

446A(2)  

The company is taken:


(a) to have passed, at the time referred to in paragraph (1)(a) or (b) or subparagraph (1)(c)(ii), as the case may be, a special resolution under section 491 that the company be wound up voluntarily; and


(b) to have done so without a declaration having been made and lodged under section 494 .

446A(3)  

Section 497 is taken to have been complied with in relation to the winding up.

446A(4)  

(Repealed by No 132 of 2007, s 3, Sch 1, Pt 2 [ 22].)

446A(5)  

The liquidator must:


(a) within 5 business days after the day on which the company is taken to have passed the resolution, lodge a written notice stating that the company is taken because of this section to have passed such a resolution and specifying that day; and
 View history reference


(b) cause the notice to be published, within the period ascertained in accordance with the regulations, in the prescribed manner.
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446A(6)  

Section 482 applies in relation to the winding up as if it were a winding up in insolvency or by the Court.

Note: Section 482 empowers the Court to stay or terminate a winding up and give consequential directions.

446A(7)  

An application under section 482 as applying because of subsection (6) may be made:


(a) despite section 198G (exercise of powers while company under external administration), by the company pursuant to a resolution of the board; or
 View history reference

[ CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[126] apply in relation to external administrations on and after 1 September 2017.]


(b) by the liquidator; or


(c) by a creditor; or


(d) by a contributory.

Note: See also section 499 (appointment of liquidator).


 



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