Document ID: chunk:federal_register_of_legislation:C2025C00185:section:500
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 500
Character Range: 1805633–1806536

500  Execution and civil proceedings
 (1) Any attachment, sequestration, distress or execution put in force against the property of the company after the passing of the resolution for voluntary winding up is void.
 (2) After the passing of the resolution for voluntary winding up, no action or other civil proceeding is to be proceeded with or commenced against the company except by leave of the Court and subject to such terms as the Court imposes.
 (3) The Court may require any contributory, trustee, receiver, banker, agent, officer or employee of the company to pay, deliver, convey, surrender or transfer forthwith or within such time as the Court directs to the liquidator any money, property of the company or books in his, her or its hands to which the company is prima facie entitled.

Subdivision B—Simplified liquidation process for creditors' voluntary winding up of an insolvent company