Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p61
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 61/110)
Character Range: 307444–310358

liquidator" and substituting "Subject to this section, a liquidator of a company";

  (c)     by inserting after paragraph (2)(c) the following paragraph:

         "(ca) exercise the Court's powers under subsection 483(3) (except paragraph 483(3)(b)) in relation to calls on contributories;";

  (d)    by omitting paragraph (2)(j);

  (e)     by inserting after subsection (2) the following subsections:

     "(2A) Except with the approval of the Court, of the committee of inspection or of a resolution of the creditors, a liquidator of a company must not compromise a debt to the company if the amount claimed by the company is more than:

         (a)     if an amount greater than $20,000 is prescribed—the prescribed amount; or

       (b)     otherwise—$20,000.

     "(2B) Except with the approval of the Court, of the committee of inspection or of a resolution of the creditors, a liquidator of a company must not enter into an agreement on the company's behalf (for example, but without limitation, a lease or a charge) if:

         (a)     without limiting paragraph (b), the term of the agreement may end; or

         (b)     obligations of a party to the agreement may, according to the terms of the agreement, be discharged by performance;

     more than 3 months after the agreement is entered into, even if the term may end, or the obligations may be discharged, within those 3 months.";

   (f) by omitting subsection (4);

    (g) by inserting in subsection (6) ", or the Commission," after "contributory".

Application of property; list of contributories

74. Section 478 of the Corporations Law is amended by omitting subsections (1) and (2) and substituting the following subsections:

"(1) As soon as practicable after the Court orders that a company be wound up, the liquidator must:

    (a)     cause the company's property to be collected and applied in discharging the company's liabilities; and

    (b)     consider whether subsection (1A) requires him or her to settle a list of contributories.

"(1A) A liquidator of a company that is being wound up in insolvency or by the Court must settle a list of contributories if it appears to him or her likely that:

  (a) either:

         (i) there are persons liable as members or past members to contribute to the company's property on the winding up; or

      (ii) there will be a surplus available for distribution; and

  (b) it will be necessary:

       (i) to make calls on contributories; or

         (ii) to adjust the rights of the contributories among themselves.

"(1B) A liquidator of such a company may rectify the register of members so far as required under this Part.".

Orders for release or dissolution

75. Section 481 of the Corporations Law is amended by omitting from paragraph (1)(a) "557" and substituting "539".

Delivery of property to liquidator

76.     Section 483 of the Corporations Law is amended