Document ID: chunk:federal_register_of_legislation:C2025C00185:section:499:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 499 (pt 1/3)
Character Range: 1800296–1803005

499  Liquidators
 (1) The company in general meeting must appoint a liquidator for the purpose of winding up the affairs and distributing the property of the company.
 (2) However, subsection (1) does not apply to the company if:
 (a) section 446A or 446AA applies in relation to the company; or
 (b) regulations made for the purposes of section 446B have the effect that the company is taken to have passed a special resolution under section 491 that the company be wound up voluntarily.
 (2A) If section 446A applies in relation to the company because of paragraph 446A(1)(a):
 (a) the company's creditors may, at the meeting at which the resolution referred to in that paragraph is passed, appoint a person to be liquidator for the purpose of winding up the affairs and distributing the property of the company; and
 (b) if an appointment is not made under paragraph (a) of this subsection before the end of the meeting at which the resolution referred to in paragraph 446A(1)(a) is passed:
 (i) the company's creditors are taken to have appointed the administrator of the company to be liquidator for the purpose of winding up the affairs and distributing the property of the company; and
 (ii) the appointment under subparagraph (i) of this paragraph takes effect at the end of that meeting.
 (2B) If section 446A applies in relation to the company because of paragraph 446A(1)(b):
 (a) the company's creditors are taken to have appointed the administrator of the company to be liquidator for the purpose of winding up the affairs and distributing the property of the company; and
 (b) the appointment takes effect at the time referred to in that paragraph.
 (2C) If section 446A applies in relation to the company because of paragraph 446A(1)(c):
 (a) the company's creditors may, at the meeting at which the resolution referred to in subparagraph 446A(1)(c)(ii) is passed, appoint a person to be liquidator for the purpose of winding up the affairs and distributing the property of the company; and
 (b) if an appointment is not made under paragraph (a) of this subsection before the end of the meeting at which the resolution referred to in subparagraph 446A(1)(c)(ii) is passed:
 (i) the company's creditors are taken to have appointed the administrator of the deed to be liquidator for the purpose of winding up the affairs and distributing the property of the company; and
 (ii) the appointment under subparagraph (i) of this paragraph takes effect at the end of that meeting.
 (2D) If section 446AA applies in relation to the company because of paragraph 446AA(1)(a):
 (a) the Court may, immediately after it makes the order referred to in that paragraph, appoint a person to be the liquidator for