Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p93
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 93/212)
Character Range: 245293–247980

circumstances in which a Part 5.7 body may be wound up are as follows:

         (i) if the Part 5.7 body is unable to pay its debts, has been dissolved, has ceased to carry on business in Australia or has a place of business in Australia only for the purpose of winding up its affairs;

         (ii) if the Court is of opinion that it is just and equitable that the Part 5.7 body should be wound up;

         (iii) if the Commission has stated in a report prepared under Division 1 of Part 3 of the ASC Law that, in its opinion:

             (a) the Part 5.7 body cannot pay its debts and should be wound up; or

             (b) it is in the interests of the public, of the members, or of the creditors, that the Part 5.7 body should be wound up.".

Section 584:

  Repeal the section.

Subsection 588 (1):

  Omit the subsection, substitute:

"(1) This section applies where, after the dissolution of a registrable body, there remains in this jurisdiction outstanding property of the body.".

SCHEDULE 1—continued

Paragraph 588 (2) (a):

  Omit "excluded", substitute "external".

After Part 5.7:

  Insert:

"PART 5.7a—RECIPROCITY WITH OTHER JURISDICTIONS

Enforcement of winding up orders made in other jurisdictions

  "588a. This section applies where:

     (a) the Federal Court makes under Chapter 5 of the Corporations Law of another jurisdiction; or

     (b) the Supreme Court of another jurisdiction makes under Chapter 5 of the Corporations Law of any jurisdiction; or

     (c) the Supreme Court of this jurisdiction makes under Chapter 5 of the Corporations Law of another jurisdiction;

an order for or in connection with the winding up of a body that is a company or Part 5.7 body within the meaning of that Chapter of that Law.

"(2) The order has effect, and may be enforced in all respects, in this jurisdiction as if it were an order made under this Chapter, in relation to a company or Part 5.7 body, as the case may be, by:

   (a) if paragraph (1) (a) applies—the Federal Court; or

     (b) if paragraph (1) (b) or (c) applies—the Supreme Court of this jurisdiction.

Functions and powers in this jurisdiction of liquidators from other jurisdictions

"588b. The liquidator of a body that is a recognised company and is being wound up under Chapter 5 of the Corporations Law of another jurisdiction may, for the purposes of winding up the body's affairs in this jurisdiction, perform or exercise any function or power under this Chapter of a kind that a liquidator of a company may perform or exercise under this Chapter.

Outstanding property of defunct recognised company

"588c. Where, after the dissolution of a body that was a company or Part 5.7 body