Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p64
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 64/110)
Character Range: 314984–317842

warrant under subsection (1) may also provide for property or books of the company in the person's possession to be seized and delivered into the custody of a specified person.

"(3) A warrant under subsection (1) may only be issued on the application of:

  (a)     a liquidator or provisional liquidator of the company; or

  (b)     the Commission.".

Delegation to liquidator of certain powers of Court

  78. Section 488 of the Corporations Law is amended:

  (a)     by omitting from paragraph (1)(c) "the making of calls and";

    (b)    by omitting subsection (2) and substituting the following subsection:

     "(2) Despite anything in rules or regulations made for the purposes of subsection (1), a liquidator may distribute a surplus only with the Court's special leave.".

79. Section 490 of the Corporations Law is repealed and the following section is substituted:

When company cannot wind up voluntarily

"490. Except with the leave of the Court, a company cannot resolve that it be wound up voluntarily if:

    (a)     an application for the company to be wound up in insolvency has been filed; or

    (b)     the Court has ordered that the company be wound up in insolvency, whether or not the order was made on such an application.".

Repeal of section 492

  80. Section 492 of the Corporations Law is repealed.

Duty of liquidator where company turns out to be insolvent

81. Section 496 of the Corporations Law is amended by omitting from subsection (1) "shall as soon as practicable convene a meeting of the creditors." and substituting the following:

"must do one of the following as soon as practicable:

    (a)     apply under section 459P for the company to be wound up in insolvency;

  (b)     appoint an administrator of the company under section 436B;

  (c)     convene a meeting of the company's creditors;

and if he or she convenes such a meeting, the following subsections apply.".

Powers and duties of liquidator

  82. Section 506 of the Corporations Law is amended:

    (a) by omitting paragraphs (1)(a) and (b) and substituting the following paragraph:

         "(b) exercise any of the powers that this Law confers on a liquidator in a winding up in insolvency or by the Court;";

     (b) by omitting paragraph (1)(d) and substituting the following paragraph:

         "(d) exercise the Court's powers under subsection 483(3) (except paragraph 483(3)(b)) in relation to calls on contributories;";

   (c) by inserting after subsection (1) the following subsection:

     "(1A) Subsections 477(2A) and (2B) apply in relation to the liquidator as if:

         (a)     he or she were a liquidator in a winding up in insolvency or by the Court; and

         (b)     in the case of a members' voluntary winding up—a reference in those subsections to an approval were a reference to the approval of a special