A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT  

Division 1 - General  

SECTION 468  AVOIDANCE OF DISPOSITIONS OF PROPERTY, ATTACHMENTS ETC.  

468(1)  [Dispositions, etc, void]  

 View history reference

Any disposition of property of the company, other than an exempt disposition, made after the commencement of the winding up by the Court is, unless the Court otherwise orders, void.

468(2)  [``exempt disposition'']  


In subsection (1), exempt disposition, in relation to a company that has commenced to be wound up by the Court, means:


(a) a disposition made by the liquidator, or by a provisional liquidator, of the company pursuant to a power conferred on him or her by:


(i) this Act; or

(ii) rules of the Court that appointed him or her; or

(iii) an order of the Court; or


(aa) a disposition made in good faith by, or with the consent of, an administrator of the company; or


(ab) a disposition under a deed of company arrangement executed by the company; or


(b) a payment of money by an Australian ADI out of an account maintained by the company with the Australian ADI, being a payment made by the Australian ADI:


(i) on or before the day on which the Court makes the order for the winding up of the company; and

(ii) in good faith and in the ordinary course of the banking business of the Australian ADI.

468(3)  [Court may validate certain dispositions]  


Notwithstanding subsection (1), the Court may, where an application for winding up has been filed but a winding up order has not been made, by order:


(a) validate the making, after the filing of the application, of a disposition of property of the company; or


(b) permit the business of the company or a portion of the business of the company to be carried on, and such acts as are incidental to the carrying on of the business or portion of the business to be done, during the period before a winding up order (if any) is made;

on such terms as it thinks fit.

468(4)  [Avoidance of execution]  


Any attachment, sequestration, distress or execution put in force against the property of the company after the commencement of the winding up by the Court is void.

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page