Document ID: chunk:federal_register_of_legislation:C2004A04501:body:0:p7
Version: federal_register_of_legislation:C2004A04501
Segment Type: other
Provision Reference: 
Character Range: 45671–51667

provisional liquidator
 73.      Powers of liquidator
 74.      Application of property; list of contributories
 75.      Orders for release or dissolution
 76.      Delivery of property to liquidator
 77.      Insertion of new sections:
           486A.                                                                                           Court may make order to prevent officer or related entity from avoiding liability to company
           486B.                                                                                           Warrant to arrest person who is absconding, or who has dealt with property or books, in order to avoid obligations in connection with winding up
 78.      Delegation to liquidator of certain powers of Court
 79.      Insertion of new section:
           490.                                                                                            When company cannot wind up voluntarily
 80.      Repeal of section 492
 81.      Duty of liquidator where company turns out to be insolvent
 82.      Powers and duties of liquidator
 83.      Arrangement: when binding on creditors
 84.      Application of Part
 85.      Insertion of new Division:
         Division 1A—When winding up taken to begin
           513A.                                                                                           Winding up ordered by the Court
           513B.                                                                                           Voluntary winding up
           513C.                                                                                           Section 513C day in relation to an administration under Part 5.3A
           513D.                                                                                           Validity of proceedings in earlier winding up
 86.      Repeal of section 525
 87.      Insertion of new sections:
           530A.                                                                                           Officers to help liquidator
           530B.                                                                                           Liquidator's rights to company's books
           530C.                                                                                           Warrant to search for, and seize, company's property or books
 88.      Books to be kept by liquidator
 89.      Disqualification of liquidator
 90.      When liquidator has qualified privilege
 91.      Books of company
 92.      Repeal of section 553 and substitution of headings and sections:
         Subdivision A—Admission to proof of debts and claims
           553.                                                                                            Debts or claims that are provable in winding up
           553A.                                                                                           Member cannot prove debt unless contributions paid
           553B.                                                                                           Insolvent companies—penalties and fines not generally provable
           553C.                                                                                           Insolvent companies—mutual credit and set-off
           553D.                                                                                           Debts or claims may be proved formally or informally
           553E.                                                                                           Application of Bankruptcy Act to winding up of insolvent company
         Subdivision B—Computation of debts and claims
 93.      General rule—compute amount as at relevant date
 94.      Insertion of sections and headings:
           554A.                                                                                           Determination of value of debts and claims of uncertain value
           554B.                                                                                           Discounting of debts payable after relevant date
           554C.                                                                                           Conversion into Australian currency of foreign currency debts or claims
         Subdivision C—Special provisions relating to secured creditors of insolvent companies
           554D.                                                                                           Application of Subdivision

TABLE OF PROVISIONS—continued

Section
                            554E.                                                                                          Proof of debt by secured creditor
                            554F.                                                                                           Redemption of security by liquidator
                            554G.                                                                                          Amendment of valuation
                            554H.                                                                                          Repayment of excess
                            554J.                                                                                          Subsequent realisation of security
Subdivision D—Priorities
 95.                       Debts and claims proved to rank equally except as otherwise provided
 96.                       Priority payments
 97.                       Repeal of section 557
 98.                       Debts of a class to rank equally
 99.                       Advances for company to make priority payments in respect of employees
 100.                      Application of proceeds of contracts of insurance
 101.                      Insertion of new section:
                            562A.                                                                                          Application of proceeds of contracts of reinsurance