Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_112
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 112
Character Range: 75815–78149

112  Subsections 499(1) and (2)
Repeal the subsections, substitute:

 (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 section 446A applies in relation to the company.

 (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.