Document ID: chunk:federal_register_of_legislation:C2004A04041:section:1990:p94
Version: federal_register_of_legislation:C2004A04041
Segment Type: section
Provision Reference: s 1990 (pt 94/212)
Character Range: 247748–250786

this Chapter of a kind that a liquidator of a company may perform or exercise under this Chapter.

Outstanding property of defunct recognised company

"588c. Where, after the dissolution of a body that was a company or Part 5.7 body within the meaning of Chapter 5 of the Corporations Law of another jurisdiction, there remains in this jurisdiction outstanding property of the body, the estate and interest in the property, at law or in equity, of the body or its liquidator at the time of dissolution, together with all claims, rights and remedies that the body or its liquidator then had in respect of the property, vests in the person entitled to the property under the law of the body's place of origin.".

SCHEDULE 1—continued

Paragraph 589 (2) (a):

  Omit "Commission Act", substitute "ASC Law".

Paragraph 589 (2) (b):

Omit "law, or of a previous law, of a State or Territory", substitute "previous law of this or any other jurisdiction".

Subparagraph 589 (6) (a) (ii):

  (a) Omit "Act", substitute "Law".

  (b) Insert "previous" before "law".

Subparagraph 589 (6) (a) (iii):

  Omit "Act", substitute "Law".

Subsection 599 (1):

  Omit "company", substitute "relevant body".

Paragraph 599 (3) (b):

  Omit "companies", substitute "relevant bodies".

Subparagraph 599 (3) (c) (i):

  Omit "companies", substitute "relevant bodies".

Subparagraph 599 (3) (c) (ii):

   (a) Omit "companies" (first occurring), substitute "relevant bodies".

   (b) Omit "companies" (second occurring), substitute "bodies".

Paragraph 599 (3) (c):

  Omit "company" (twice occurring), substitute "body".

Subsections 599 (4) and (5):

  Omit the subsections, substitute:

"(4) A person who is subject to a section 599 order (whether made before or after the commencement of this section) must not manage a corporation.

"(5) Section 91a defines what, for the purposes of this section, constitutes managing a corporation.".

Paragraphs 600 (1) (a) and (b):

  Omit the paragraphs, substitute:

      "(b) a relevant body is a section 600 body at a particular time if, and only if, within the period of 7 years ending at that time, a liquidator of the body has, under:

        (i) subsection 533 (1); or

SCHEDULE 1—continued

       (ii) a previous law corresponding to subsection 533 (1);

     reported, or lodged a report with respect to, a matter relating to the ability of the body to pay its unsecured creditors; and".

Paragraph 600 (1) (c):

  (a) Omit "company" (first occurring), substitute "relevant body".

  (b) Omit "relevant company", substitute "section 600 body".

  (c) Omit "company" (third and last occurring), substitute "body".

Subsection 600 (2):

  (a) Omit "companies" (first occurring), substitute "relevant bodies".

  (b) Omit "relevant companies", substitute "section 600 bodies".

Paragraph 600 (4) (a):

  (a) Omit "companies" (first occurring), substitute "relevant bodies".

  (b) Omit "relevant companies", substitute "section 600 bodies".

Paragraph 600 (4) (b):

  Omit "companies" (wherever occurring),