Commonwealth Consolidated Acts

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Administrator becomes liquidator in certain cases

             (1)  This section applies if:

                     (a)  the creditors of a company under administration resolve at a particular time under paragraph 439C(c) that the company be wound up; or

                     (b)  a company under administration contravenes subsection 444B(2) at a particular time; or

                     (c)  the company's creditors:

                              (i)  pass a resolution terminating a deed of company arrangement executed by the company; and

                             (ii)  also resolve at a particular time under section 445E that the company be wound up.

             (2)  The company is taken:

                     (a)  to have passed, at the time referred to in paragraph (1)(a) or (b) or subparagraph (1)(c)(ii), as the case may be, a special resolution under section 491 that the company be wound up voluntarily; and

                     (b)  to have done so without a declaration having been made and lodged under section 494.

             (3)  Section 497 is taken to have been complied with in relation to the winding up.

             (5)  The liquidator must:

                     (a)  within 5 business days after the day on which the company is taken to have passed the resolution, lodge a written notice stating that the company is taken because of this section to have passed such a resolution and specifying that day; and

                     (b)  cause the notice to be published, within the period ascertained in accordance with the regulations, in the prescribed manner.

             (6)  Section 482 applies in relation to the winding up as if it were a winding up in insolvency or by the Court.

Note:          Section 482 empowers the Court to stay or terminate a winding up and give consequential directions.

             (7)  An application under section 482 as applying because of subsection (6) may be made:

                     (a)  despite section 198G (exercise of powers while company under external administration), by the company pursuant to a resolution of the board; or

                     (b)  by the liquidator; or

                     (c)  by a creditor; or

                     (d)  by a contributory.

Note:          See also section 499 (appointment of liquidator).

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