Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:3:p48
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 3 (pt 48/60)
Character Range: 303021–305587

An appeal to the Court under subsection 554A(3) of the Act must be made:
 (a) within 21 days after the person aggrieved becomes aware of the liquidator's estimate or, if the period is extended under subregulation (2), within the extended period; and
 (b) in accordance with the rules of court.
 (2) On application by the person aggrieved before or after the end of the period of 21 days mentioned in subregulation (1), the Court may extend the period within which an appeal must be made.

5.6.44  Debt discount rate (Act s 554B)
  The discount by which the amount payable on the future date is to be reduced under section 554B of the Act is 8% a year calculated from the declaration of the dividend to the time when the debt would have become payable according to the terms on which it was contracted.

5.6.45  Employees' wages
 (1) If the employees of a company make demands:
 (a) for wages or salaries (whether or not earned wholly or in part by way of commission), whether or not payable to the employees for annual leave or long service leave; or
 (b) for retrenchment payments;
one proof of debt or claim may be prepared and submitted on behalf of those employees.
 (2) A proof of debt or claim prepared and submitted under subregulation (1):
 (a) must have annexed to it a schedule setting out the names of the employees and the amounts due to each of them; and
 (b) has the same effect as if separate proofs had been prepared and submitted by each of the employees named in the schedule.

5.6.46  Production of bill of exchange and promissory note
  If a company is, or may become, liable on:
 (a) a bill of exchange; or
 (b) a promissory note; or
 (c) any other negotiable instrument or security;
it must be produced to the liquidator before a proof of debt or claim for the liability can be admitted, unless the Court otherwise orders.

5.6.47  Admission of debt or claim without formal proof
 (2) If a liquidator admits a debt or claim without formal proof, it is not necessary for the liquidator formally to admit the debt or claim in writing.
 (3) If a creditor's debt or claim has been admitted without formal proof, a notice of dividend is sufficient notice of the admission.
 (4) A liquidator must not reject a debt or claim without:
 (a) notifying the creditor of the grounds of the liquidator's rejection; and
 (b) requiring that a formal proof of debt or claim be submitted for that debt or claim.

5.6.48  Notice to creditors to submit formal proof

Companies not subject to the simplified liquidation process
 (1) Subject to subregulation (1A), a