Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p84
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 84/110)
Character Range: 365230–368123

under a liability in respect of the property that this Law has not discharged; and

  (b)     after hearing such persons as it thinks appropriate.

"(3) Subject to subsection (4), where an order is made under subsection (1) vesting property, the property vests immediately, for the purposes of the order, without any conveyance, transfer or assignment.

  "(4) Where:

    (a)     a law of the Commonwealth or of a State or Territory requires the transfer of property vested by an order under subsection (1) to be registered; and

  (b)     that law enables the order to be registered;

the property vests in equity because of the order but does not vest at law until that law has been complied with.

                "Division 7B—Effect on enforcement process against company's property".

   110. Before section 588A of the Corporations Law the following headings and sections are inserted in Part 5.7A:

             "Division 1—Application of Part 5.3A to matters arising under corresponding laws

Application in this jurisdiction

  "588AA.(1) This section has effect for the purposes of:

  (a)     the administration of a recognised company; or

    (b)     a deed of company arrangement executed by a recognised company;

in so far as those purposes concern this jurisdiction.

"(2) Part 5.3A applies in relation to the recognised company in the same way, as nearly as practicable, as it applies in relation to a company.

"(3) Without limiting subsection (2), the administrator of the recognised company, or of the deed, as the case may be, may perform or exercise any function or power under Part 5.3A of a kind that an administrator of a company, or of a deed of company arrangement executed by a company, may perform or exercise under that Part.

Enforcement of orders

  "588AB.(1) This section applies if:

    (a)     the Federal Court makes under Part 5.3A of the Corporations Law of another jurisdiction; or

    (b)     the Supreme Court of another jurisidiction makes under Part 5.3A of the Corporations Law of any jurisdiction; or

    (c)     the Supreme Court of this jurisdiction makes under Part 5.3A of the Corporations Law of another jurisdiction;

an order in connection with the administration of, or a deed of company arrangement executed by, a company within the meaning of that Part of that Law.

"(2) The order has effect, and may be enforced in all respects, in this jurisdiction as if it were an order made under Part 5.3A, in relation to a company, by:

   (a)    if paragraph (1)(a) applies—the Federal Court; or

     (b)    if paragraph (1)(b) or (c) applies—the Supreme Court of this jurisdiction.

"Division 2—Winding up recognised companies".

111. After Part 5.7A of the Corporations Law the following Part is inserted:

   "PART 5.7B—RECOVERING PROPERTY OR COMPENSATION FOR THE BENEFIT OF CREDITORS OF INSOLVENT COMPANY

"Division 1—Preliminary