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CORPORATIONS ACT 2001 - SECT 500AE

Simplified liquidation process

             (1)  The simplified liquidation process for a creditors' voluntary winding up is the process for a creditors' voluntary winding up set out in this Act, as affected by:

                     (a)  subsection (2); and

                     (b)  regulations made for the purposes of subsection (3).

             (2)  The following provisions do not apply in the simplified liquidation process:

                     (a)  section 533;

                     (b)  section 75- 10 of Schedule 2 (external administrator may convene meetings);

                     (c)  section 75- 15 of Schedule 2 (external administrator must convene meeting in certain circumstances);

                     (d)  section 75- 20 of Schedule 2 (external administrator must convene meeting if required by ASIC);

                     (e)  Division 80 of Schedule 2 (committees of inspection);

                      (f)  subsections 90-23(1) to (5) and section 90-24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.).

             (3)  The regulations may provide for and in relation to the following:

                     (a)  circumstances in which a transaction is not an unfair preference despite section 588FA;

                     (b)  circumstances in which a transaction is not voidable despite section 588FE;

                     (c)  proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:

                              (i)  the preparation and content of formal and informal proofs of debts and claims in relation to the company; and

                             (ii)  the submission of formal and informal proofs of debts and claims to the liquidator of the company; and

                            (iii)  the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and

                            (iv)  withdrawal and variation of proofs of debts and claims in relation to the company; and

                             (v)  the admission and rejection of formal and informal proofs of debts and claims in relation to the company;

                     (d)  the identification of contributories in relation to a company that is the subject of the simplified liquidation process;

                     (e)  the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process;

                      (f)  giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.



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