Document ID: chunk:federal_register_of_legislation:F2024C01050:reg:6a:p3
Version: federal_register_of_legislation:F2024C01050
Segment Type: reg
Provision Reference: reg 6A (pt 3/4)
Character Range: 8409–10910

that, for a period of at least 12 months, the scheme property has been insufficient to meet the debts of the responsible entity of the scheme incurred in that capacity as and when they were due and payable.

Part 2—Exemptions

5 Companies being wound up
(1) A company does not have to comply with Part 2M.3 of the Act:
(a) in relation to a financial year or half-year of the company if, as at the day the company would otherwise have been required to lodge a report under that Part for the financial year or half-year, the company has a liquidator appointed to it; and
(b) in relation to any earlier financial year or half-year of the company, but only to the extent that Part would have imposed, but for this paragraph (b), a continuing obligation on the company from the date of appointment of the liquidator.

              Note: A company that is required to do an act under Part 2M.3 of the Act within a particular period or before a particular time continues to be subject to an obligation to do the act even after the period has ended or that time has passed: section 1314 of the Act. Paragraph (b) does not affect any liability under that Part that existed at any time before the date of appointment of the liquidator.

Condition
(2) The company must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the company about the winding up.

Exclusion
(3) This section does not apply to a company that:
(a) holds an Australian financial services licence; or
(b) has an administrator appointed to it under Part 5.3A of the Act; or
(c) is subject to a deed of company arrangement.
       Note: This section does not apply to CCIVs. A CCIV is a company but cannot be wound up or placed in liquidation: see section 1237A.

6 Public companies being wound up: AGMs
(1) A public company that does not have to comply with Part 2M.3 of the Act in relation to a financial year of the company because of paragraph 5(1)(a) of this instrument does not have to comply with the requirement under section 250N of the Act to hold an AGM:
(a) at least once in each calendar year and within 5 months after the end of its financial year; or
(b) in relation to any earlier financial year of the company, but only to the extent that section of the Act would have imposed, but for this paragraph (b), a continuing obligation on the company on or after the appointment of the liquidator.

Condition
(2) The company must have