Document ID: chunk:federal_register_of_legislation:C2025C00185:section:583
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 583
Character Range: 1962876–1964247

583  Winding up Part 5.7 bodies
  Subject to this Part, a Part 5.7 body may be wound up under this Chapter and this Chapter applies accordingly to a Part 5.7 body with such adaptations as are necessary, including the following adaptations:
 (a) the principal place of business of a Part 5.7 body in this jurisdiction is taken, for all the purposes of the winding up, to be the registered office of the Part 5.7 body;
 (b) a Part 5.7 body is not to be wound up voluntarily under this Chapter;
 (c) the circumstances in which a Part 5.7 body may be wound up are as follows:
 (i) if the Part 5.7 body is unable to pay its debts, has been dissolved or deregistered, has ceased to carry on business in this jurisdiction or has a place of business in this jurisdiction only for the purpose of winding up its affairs;
 (ii) if the Court is of opinion that it is just and equitable that the Part 5.7 body should be wound up;
 (iii) if ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:
 (A) the Part 5.7 body cannot pay its debts and should be wound up; or
 (B) it is in the interests of the public, of the members, or of the creditors, that the Part 5.7 body should be wound up;
 (d) if the Part 5.7 body is a registrable Australian body—the winding up must deal only with the affairs of the body outside its place of origin.