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CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

Note: See section 600K.

PART 1 - INTRODUCTION  

Division 5 - Definitions  

Subdivision B - The Dictionary  

CLAUSE 5-5  

5-5  THE DICTIONARY  

In this Schedule:

adequate and appropriate fidelity insurance has a meaning affected by subsection 25-1(2).

adequate and appropriate professional indemnity insurance has a meaning affected by subsection 25-1(2).

administration account : see section 65-5.

annual administration return means the return required to be lodged under subsection 70-5(3).

annual liquidator return means the return required to be lodged under subsection 30-1(1).

approved form : a document is lodged in the approved form if it is lodged in accordance with section 100-6.

committee of inspection for a company means:


(a) a committee appointed under sections 80-10 to 80-25 in relation to the external administration of the company; or


(b) a committee that is taken to be a committee of inspection in relation to the external administration of the company under subsection 80-26(3) (the company is a member of a pooled group).

creditor , when used in relation to a company under external administration, means a creditor of the company.

current conditions : see section 5-10.

end of administration return means the return required to be lodged under subsection 70-6(2).

end of an external administration of a company means:


(a) in relation to a company under administration - the day worked out under paragraph 435C(1)(b); and


(b) in relation to a company subject to a deed of company arrangement - the day the deed is terminated; and


(c) in the case of a winding up of a company - the day on which the affairs of the company are fully wound up.

external administration of a company: see section 5-15.

external administrator of a company: see section 5-20.

financial interest : a person has a financial interest in the external administration of a company in the circumstances set out in section 5-30.

GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999.

Insolvency Practice Rules means the rules made by the Minister under section 105-1.

Insolvency Practice Schedule (Bankruptcy) means Schedule 2 to the Bankruptcy Act 1966, and includes rules made under section 105-1 of that Schedule.

March quarter means the period of 3 months beginning on 1 January.

maximum default amount for an external administrator of a company: see section 60-15.

member of a pooled group : see section 5-27.

pooled group : see section 5-27.

prescribed means prescribed by the Insolvency Practice Rules.

property has a meaning affected by section 5-26.

registered liquidator means an individual who is registered as a liquidator under Part 2 of this Schedule.

Register of Liquidators means the register established and maintained by ASIC under section 15-1.

related entity , in relation to an individual, has the same meaning as in the Bankruptcy Act 1966.

remuneration determination , for an external administrator of a company, means a determination made in accordance with section 60-10 in relation to the external administrator.

resolution : a resolution is passed by creditors or contributories of a company:


(a) in a meeting - in the circumstances prescribed under paragraph 75-50(2)(k); or


(b) without a meeting - in the circumstances prescribed under paragraph 75-40(5)(b).

reviewing liquidator means a registered liquidator who has been appointed under section 90-23 or 90-24 to conduct a review.

special resolution : a special resolution is passed by creditors or contributories of a company:


(a) in a meeting - in the circumstances prescribed under paragraph 75-50(2)(k); or


(b) without a meeting - in the circumstances prescribed under paragraph 75-40(5)(b).

start of an external administration of a company means:


(a) in relation to a company under administration - the day an administrator of the company is appointed under section 436A, 436B or 436C; and


(b) in relation to a company that is subject to a deed of company arrangement - the day the deed is executed; and


(c) in the case of a winding up of a company - the day the winding up of the company is taken to have begun under section 513A or 513B; and


(d) in relation to a company for which a provisional liquidator has been appointed - the day the provisional liquidator is appointed.

this Schedule includes the Insolvency Practice Rules.

 



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