Document ID: chunk:federal_register_of_legislation:C2024C00492:section:3:p2
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 3 (pt 2/7)
Character Range: 634475–637194

of the Corporations Act (as applied by section 522‑1 of this Act) ends on the day on which the special administrator is appointed.

522‑4  Effect of appointment of special administrator—Aboriginal and Torres Strait Islander corporation subject to restructuring plan
 (1) This section applies if:
 (a) an Aboriginal and Torres Strait Islander corporation makes a restructuring plan under Part 5.3B of the Corporations Act (as applied by section 522‑1 of this Act); and
 (b) before the plan terminates, a special administrator for the corporation is appointed under Part 11‑2.
 (2) The Court may order that the restructuring plan is to terminate.
 (3) The order may be made on the application of:
 (a) the Registrar; or
 (b) the special administrator for the corporation; or
 (c) any other interested person.
 (4) The order may be made subject to conditions.

Effect of termination of restructuring plan
 (5) If the Court orders that the restructuring plan is to terminate, any admissible debt or claim that has not been dealt with in accordance with the restructuring plan is taken to be due and payable on the business day after the day on which the termination occurs.
 (6) In this section:
admissible debt or claim has the same meaning as in the Corporations Regulations 2001.

Part 11‑5—Winding up

Division 526—Winding up

526‑1  Court may order winding up
 (1) The Court may order that an Aboriginal and Torres Strait Islander corporation be wound up.
 (2) The order may only be made on the grounds set out in section 526‑5.
 (3) The order may only be made on an application made in accordance with section 526‑15.

526‑5  Grounds for Court ordered winding up
  The following are the grounds on which an Aboriginal and Torres Strait Islander corporation may be wound up:
 (a) the corporation has by special resolution resolved that it be wound up by the Court;
 (b) the business or operations of the corporation were not commenced within 1 year after its registration or have been suspended for a continuous period of 1 year;
 (c) the corporation has ceased to satisfy a requirement for registration imposed by section 141‑5, 141‑10 or 141‑15;
 (d) section 26‑15 precludes the continued registration of the corporation;
 (e) the officers of the corporation have acted in the affairs of the corporation:
 (i) in their own interests rather than in the interests of the members of the corporation as a whole; or
 (ii) in a way that appears to be unfair or unjust to the members of the corporation;
 (f) the affairs of the corporation are being conducted in a way that is:
 (i) oppressive; or
 (ii) unfairly prejudicial to, or unfairly discriminatory against, a member or members of the corporation; or
 (iii) contrary