Document ID: chunk:federal_register_of_legislation:C2025C00150:section:121:p2
Version: federal_register_of_legislation:C2025C00150
Segment Type: section
Provision Reference: s 121 (pt 2/2)
Character Range: 404895–405563

out to be insolvent
 (6) If a liquidator takes action under section 496 of the Corporations Act 2001 (company turns out to be insolvent) in relation to a small business employer whose liquidation began as a members' voluntary winding up, then, for the purposes of subparagraph (4)(d)(i), the time the employer goes into liquidation is the time the employer goes into liquidation because of the members' voluntary winding up.

Application to partnerships
 (7) For the purposes of subsection (4), a small business employer that is a partnership is not bankrupt or in liquidation unless each partner of the partnership is bankrupt or in liquidation, as the case requires.