Commonwealth Consolidated Acts

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CORPORATIONS ACT 2001 - SECT 498

Declaration that company eligible for the simplified liquidation process

             (1)  The directors of a company must give the liquidator of the company a declaration in accordance with this section if the directors believe on reasonable grounds that, on the declaration being given, the eligibility criteria for the simplified liquidation process will be met in relation to the company.

             (2)  The declaration must:

                     (a)  be given within 5 business days after the day of the meeting of the company at which the resolution for voluntary winding up is passed; and

                     (b)  if there is a prescribed form for the declaration--be in the prescribed form; and

                     (c)  if the regulations prescribe information to be included in the declaration--include that information.

             (3)  The regulations may prescribe information to be included in a declaration under this section.



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