Document ID: chunk:federal_register_of_legislation:C2004A02530:body:0:p21
Version: federal_register_of_legislation:C2004A02530
Segment Type: other
Provision Reference: 
Character Range: 51112–53786

whether before, on or after the first-mentioned date, allows; and
        (c) the resolution for voluntary winding up is passed within the period of 5 weeks after the making of the declaration or within such further period after the making of that declaration as the Commission, whether before or after the expiration of that period of 5 weeks, allows."; and
    (b) by omitting sub-section (5) and substituting the following sub-section:
    "(5) If the company is wound up pursuant to a resolution for voluntary winding up passed within the period of 5 weeks after the making of the declaration or, if pursuant to paragraph (3) (c) the Commission has allowed a further period after the expiration of that period of 5 weeks, within that further period, but its debts are not paid or provided for in full within the period stated in the declaration, it shall be presumed, unless the contrary is shown, that a director who made the declaration did not have reasonable grounds for his opinion.".

Meeting of creditors
67. Section 398 of the Principal Act is amended—
    (a) by omitting paragraph (5) (a) and substituting the following paragraph:
        "(a) cause to be laid before the meeting of creditors a report in the prescribed form, and verified by all the directors, as to the affairs of the company, made up to the latest practicable date before the notices of the meeting were sent; and"; and
    (b) by inserting after sub-section (6) the following sub-section:
    "(6a) The directors of the company shall, not later than 7 days after the report referred to in paragraph (5) (a) is laid before the meeting of creditors as mentioned in that paragraph, lodge a copy of the report with the Commission.
Penalty: $1,000 or imprisonment for 3 months, or both.".

Final meeting and dissolution
68. Section 411 of the Principal Act is amended by omitting sub-sections (5) and (6) and substituting the following sub-sections:
"(5) Subject to sub-section (6), on the expiration of the period of 3 months after the lodging of the return with the Commission the company is dissolved.
"(6) On the application of the liquidator or of any other party who appears to the Court to be interested, the Court may, before the expiration of the period of 3 months referred to in sub-section (5), by order, declare that sub-section (5) is not to apply in relation to the company and specify the date on which the
company is to be dissolved and, where the Court makes such an order, the company is dissolved on the date specified in the order.".

Disqualification of liquidators
69. Section 417 of the Principal Act is amended by omitting from sub-section (5) "14" and substituting "7".