CORPORATIONS ACT 2001
ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
Transition to creditors
voluntary winding up
SECTION 446AA ADMINISTRATOR BECOMES LIQUIDATOR
This section applies if a company has executed a deed of company arrangement and:
(a) the Court, at a particular time, makes an order under section
terminating the deed of company arrangement; or
(i) the deed of company arrangement specifies circumstances in which the deed is to terminate and the company is to be wound up; and
(ii) those circumstances exist at a particular time.
Resolution that company be wound up voluntarily
The company is taken:
(a) to have passed, at the time referred to in paragraph (1)(a) or subparagraph (1)(b)(ii), as the case may be, a special resolution under section
that the company be wound up voluntarily; and
(b) to have done so without a declaration having been made and lodged under section
Information about company
is taken to have been complied with in relation to the winding up.
Notice of resolution
The liquidator must:
(a) within 5 business days after the day on which the company is taken to have passed the resolution, lodge with ASIC a written notice in the prescribed form:
(i) stating that the company is taken because of this section to have passed such a resolution; and
(ii) specifying that day; and
(b) cause the notice to be published, within 5 business days after that day, in the prescribed manner.
Power to stay or terminate winding up
applies in relation to the winding up as if it were a winding up in insolvency or by the Court.
empowers the Court to stay or terminate a winding up and give consequential directions.
An application under section
as applying because of subsection (5) may be made:
(a) despite section
(exercise of directors
powers while company under external administration), by the company pursuant to a resolution of the board; or
(b) by the liquidator; or
(c) by a creditor; or
(d) by a contributory.
Note: See also section
(appointment of liquidator).
S 446AA inserted by No 11 of 2016, s 3, Sch 3 (effective 1 March 2017).