Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p65
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 65/110)
Character Range: 317615–320464

were a liquidator in a winding up in insolvency or by the Court; and

         (b)     in the case of a members' voluntary winding up—a reference in those subsections to an approval were a reference to the approval of a special resolution of the company.".

Arrangement: when binding on creditors

83. Section 510 of the Corporations Law is amended by omitting paragraph (1)(b) and substituting the following paragraph:

     "(b) binding on the creditors if sanctioned by a resolution of the creditors.".

Application of Part

84.     Section 513 of the Corporations Law is amended by inserting "in insolvency," after "whether".

85.     After section 513 of the Corporations Law the following Division is inserted:

"Division 1A—When winding up taken to begin

Winding up ordered by the Court

"513A. If the Court orders under section 260, 459A, 459B or 461 that a company be wound up, the winding up is taken to have begun or commenced:

    (a)     if, when the order was made, a winding up of the company was already in progress—when the last-mentioned winding up is taken because of this Division to have begun or commenced; or

    (b)     if, immediately before the order was made, the company was under administration—on the section 513C day in relation to the administration; or

  (c)     if:

         (i) when the order was made, a provisional liquidator of the company was acting; and

         (ii) immediately before the provisional liquidator was appointed, the company was under administration;

     on the section 513C day in relation to the administration; or

     (d)     if, immediately before the order was made, a deed of company arrangement had been executed by the company and had not yet terminated—on the section 513C day in relation to the administration that ended when the deed was executed; or

   (e)     otherwise—on the day when the order was made.

Voluntary winding up

"513B. Where a company resolves by special resolution that it be wound up voluntarily, the winding up is taken to have begun or commenced:

    (a)     if, when the resolution was passed, a winding up of the company was already in progress—when the last-mentioned winding up is taken because of this Division to have begun or commenced; or

    (b)     if, immediately before the resolution was passed, the company was under administration—on the section 513C day in relation to the administration; or

    (c)     if, immediately before the resolution was passed, a deed of company arrangement had been executed by the company but had not yet terminated—on the section 513C day in relation to the administration that ended when the deed was executed; or

    (d)     if the resolution is taken to have been passed because, at a meeting convened under section 445F, the company's creditors:

         (i) passed a resolution terminating a