Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p45
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 45/60)
Character Range: 295934–298569

Court, in the course of winding up a company, that:
 (a) a person mentioned in paragraph (2)(a) or (b) has engaged in conduct constituting an offence under a law of the Commonwealth or a State or Territory in relation to the company that has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole; and
 (b) the liquidator has not lodged with ASIC a report with respect to the matter;
the Court may, on the application of a person interested in the winding up, direct the liquidator to lodge such a report.

5.5.06  Notice of adoption of simplified liquidation process
 (1) This regulation is made for the purposes of paragraph 500AE(3)(f) of the Act.
 (2) If the liquidator of a company adopts the simplified liquidation process on a day, the liquidator must, within 2 business days after that day, lodge with ASIC:
 (a) notice in the prescribed form (if any) of the adoption; and
 (b) a copy of the declaration given by the directors of the company to the liquidator in accordance with section 498 of the Act.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.

Subdivision C—Ceasing of simplified liquidation process

5.5.07  Liquidator must cease to follow the simplified liquidation process
 (1) For the purposes of paragraph 500AC(1)(b) of the Act, a prescribed circumstance is that the liquidator believes on reasonable grounds that:
 (a) the company, or a director of the company, has engaged in conduct; and
 (b) the conduct involved fraud or dishonesty; and
 (c) the conduct has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole.
 (2) The liquidator is taken to have ceased to follow the simplified liquidation process on the day on which the liquidator first held the belief.

5.5.08  Transition from simplified liquidation process
 (1) This regulation is made for the purposes of subsection 500AC(2) of the Act.

Notice of cessation of process
 (2) If the liquidator of a company ceases to follow the simplified liquidation process on a day, the liquidator must, within 2 business days after that day, lodge with ASIC notice in the prescribed form (if any) of the cessation.
Note: Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.

Validity of things done during process
 (3) Subject to this regulation, the cessation of the simplified liquidation process in relation to a company does not affect the validity of anything that was done in good faith in relation to the