Document ID: chunk:federal_register_of_legislation:C2025C00185:section:500ae
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 500AE
Character Range: 1814094–1816345

500AE  Simplified liquidation process
 (1) The simplified liquidation process for a creditors' voluntary winding up is the process for a creditors' voluntary winding up set out in this Act, as affected by:
 (a) subsection (2); and
 (b) regulations made for the purposes of subsection (3).
 (2) The following provisions do not apply in the simplified liquidation process:
 (a) section 533;
 (b) section 75‑10 of Schedule 2 (external administrator may convene meetings);
 (c) section 75‑15 of Schedule 2 (external administrator must convene meeting in certain circumstances);
 (d) section 75‑20 of Schedule 2 (external administrator must convene meeting if required by ASIC);
 (e) Division 80 of Schedule 2 (committees of inspection);
 (f) subsections 90‑23(1) to (5) and section 90‑24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.).
 (3) The regulations may provide for and in relation to the following:
 (a) circumstances in which a transaction is not an unfair preference despite section 588FA;
 (b) circumstances in which a transaction is not voidable despite section 588FE;
 (c) proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:
 (i) the preparation and content of formal and informal proofs of debts and claims in relation to the company; and
 (ii) the submission of formal and informal proofs of debts and claims to the liquidator of the company; and
 (iii) the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and
 (iv) withdrawal and variation of proofs of debts and claims in relation to the company; and
 (v) the admission and rejection of formal and informal proofs of debts and claims in relation to the company;
 (d) the identification of contributories in relation to a company that is the subject of the simplified liquidation process;
 (e) the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process;
 (f) giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.

Division 4—Voluntary winding up generally