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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 8 - Pooling    View history reference

Subdivision A - Pooling determinations    View history reference

SECTION 579C  WHEN COURT MAY VOID OR VALIDATE POOLING DETERMINATION  

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579C(1)  

If there is doubt, on a specific ground, whether a pooling determination that relates to a group of 2 or more companies:


(a) was made, varied or approved in accordance with this Division; or


(b) complies with this Division;

any of the following persons may apply to the Court for an order under this section:


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


(d) a creditor of a company in the group;


(e) 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;


(f) ASIC.

579C(2)  

On an application, the Court may make an order declaring the pooling determination, or a provision of it, to be void or not to be void, as the case requires, on the ground specified in the application or some other ground.

579C(3)  

On an application, the Court may declare the pooling determination, or a provision of it, to be valid, despite a contravention of a provision of this Division, if the Court is satisfied that:


(a) the provision was substantially complied with; and


(b) no injustice will result for anyone affected by the pooling determination if the contravention is disregarded.

579C(4)  

If the Court declares a provision of a pooling determination to be void, the Court may, by order, vary the pooling determination.

579C(5)  

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If the Court makes an order under subsection (2), the applicant for the order must:


(a) lodge with ASIC a notice setting out the text of the order; and


(b) do so within 2 business days after the making of the order.

The notice must be in the prescribed form.

579C(6)  

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If the Court makes a declaration under subsection (3), the applicant for the declaration must:


(a) lodge with ASIC a notice setting out the text of the declaration; and


(b) do so within 2 business days after the making of the declaration.

The notice must be in the prescribed form.

579C(7)  

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If the Court makes an order under subsection (4) on the application of a person, the applicant for the order must:


(a) lodge with ASIC a notice setting out the text of the order; and


(b) do so within 2 business days after the making of the order.

The notice must be in the prescribed form.


 



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