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CORPORATIONS ACT 2001 - SECT 506

Powers and duties of liquidator

             (1)  The liquidator may:

                     (b)  exercise any of the powers that this Act confers on a liquidator in a winding up in insolvency or by the Court; or

                     (c)  exercise the power under section 478 of a liquidator appointed by the Court to settle a list of contributors; or

                     (d)  exercise the Court's powers under subsection 483(3) (except paragraph 483(3)(b)) in relation to calls on contributories; or

                     (e)  exercise the power of the Court of fixing a time within which debts and claims must be proved.

          (1A)  Subsections 477(2A) and (2B) apply in relation to the liquidator as if:

                     (a)  he or she were a liquidator in a winding up in insolvency or by the Court; and

                     (b)  in the case of a members' voluntary winding up--a reference in those subsections to an approval were a reference to the approval of a special resolution of the company; and

                     (c)  in the case of a simplified liquidation process--a reference in those subsections to a resolution of the creditors were a reference to a resolution passed by the creditors without a meeting in the circumstances prescribed under paragraph 75-40(5)(b) of Schedule 2.

          (1B)  The company must lodge a copy of a special resolution referred to in paragraph (1A)(b) with the Registrar within 14 days after the resolution is passed. The lodgement must meet any requirements of the data standards.

             (2)  A list of contributories settled in accordance with paragraph (1)(c) is prima facie evidence of the liability of the persons named in the list to be contributories.

             (3)  The liquidator must pay the debts of the company and adjust the rights of the contributories among themselves.



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