Document ID: chunk:federal_register_of_legislation:C2004A00828:clause:1_87c
Version: federal_register_of_legislation:C2004A00828
Segment Type: clause
Provision Reference: sch 1 cl 87C
Character Range: 19236–21494

87C  When is a body corporate under insolvency administration?

 (1) Subject to subsection (2), a body corporate is under insolvency administration only if:
 (a) it is in any of the following situations under the Corporations Law:
 (i) the body corporate is being wound up;
 (ii) there is a receiver, receiver and manager, or other controller, of property of the body corporate who has functions or powers in connection with managing the body corporate;
 (iii) the body corporate is under administration or official management;
 (iv) the body corporate has executed a deed of company arrangement that has not yet terminated;
 (v) the body corporate has entered into a compromise or arrangement with another person and the administration of the compromise or arrangement has not been concluded; or
 (b) the body corporate is in a situation of a kind referred to in paragraph (a) under the law of an external Territory or a foreign country.

Note: For external Territory and foreign country see sections 17 and 22 respectively of the Acts Interpretation Act 1901.

 (2) Despite subsection (1), a body corporate that, apart from this subsection, would be under insolvency administration is taken not to be under insolvency administration if there is in force a certificate given by the person administering the body corporate stating that the body corporate is able to pay all its debts as and when they become due and payable.

Note: For person administering the body corporate see subsection (3).

 (3) In subsection (2):

person administering a body corporate means whichever of the following has been appointed in relation to the body corporate:
 (a) the liquidator or provisional liquidator of the body corporate;
 (b) the receiver, receiver and manager, or other controller, of property of the body corporate;
 (c) the administrator, or the official manager, of the body corporate;
 (d) the administrator of the deed of company arrangement executed by the body corporate;
 (e) the administrator of any compromise or arrangement into which the body corporate has entered;
 (f) a person exercising, under the law of an external Territory or a foreign country, the same functions and the same powers as a person referred to in one of paragraphs (a) to (e).