Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p91
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 91/212)
Character Range: 239905–242898

authorised by or under a law of this jurisdiction to administer the compromise or arrangement concerned.

"(8a) Subsection (7) does not disqualify a person from administering a compromise or arrangement under an appointment validly made before the commencement of this section.".

SCHEDULE 1—continued

After section 415:

  Insert the following section in Part 5.1:

Enforcement of orders made in other jurisdictions

  "415a. (1) Where:

     (a) the Federal Court makes an order under subsection 411 (1) or (1a) of the Corporations Law of another jurisdiction; or

     (b) the Supreme Court of another jurisdiction makes an order under subsection 411 (1) or (1a) of the Corporations Law of any jurisdiction; or

     (c) the Supreme Court of this jurisdiction makes an order under subsection 411 (1) or (1a) of the Corporations Law of another jurisdiction;

the order has effect, and may be enforced in all respects, in this jurisdiction as if it were an order made under subsection 411 (1) or (1a) of this Law, in relation to a Part 5.1 body, by:

  (d) if paragraph (a) applies—the Federal Court; or

     (e) if paragraph (b) or (c) applies—the Supreme Court of this jurisdiction.

"(2) A compromise or arrangement that is binding on the creditors, or a class of creditors, of a body corporate because of subsection 411 (4) of the Corporations Law of another jurisdiction is also binding on the creditors of the body, or the creditors in that class, whose debts are recoverable by action in a court of this jurisdiction.".

Section 416 (definition of "corporation"):

  Omit the definition.

Section 416 (paragraphs (a), (b) and (c) of the definition of "property"):

   Omit the paragraphs, substitute:

   "(a) in the case of a company—within or outside Australia; or

      (b) in the case of a registered foreign company—within Australia or an external Territory; or

   (c) otherwise—within this jurisdiction;".

Subsection 418 (3):

Omit "an Act or a law of a State or Territory", substitute "a law of the Commonwealth, of a State or of a Territory".

Section 428:

  Insert "within or outside this jurisdiction or" after "whether".

SCHEDULE 1—continued

Subsection 433 (1):

  Omit the subsection, substitute:

  "(1) In this section:

'registered body' does not include a registrable local body.".

Subsection 433 (2):

Omit "corporation" (wherever occurring), substitute "company or registered body".

Subsection 433 (4):

Omit "foreign company" (twice occurring), substitute "registered body".

Subsection 433 (5):

  Omit "of the corporation".

Subsections 444 (1) and (2):

  Omit "an Australian court", substitute "a court of this jurisdiction".

Section 459:

  Repeal the section.

Paragraph 461 (h):

  Omit "Commission Act", substitute "ASC Law".

Subsection 462 (1):

  Omit the subsection.

Section 463:

  Omit "459,".

Subsection 464 (1):

  Omit "Commission Act", substitute "ASC Law".

Subsection 472 (3):

  Omit the subsection, substitute:

"(3) A liquidator