Commonwealth Consolidated Acts

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Winding up Part 5.7 bodies

                   Subject to this Part, a Part 5.7 body may be wound up under this Chapter and this Chapter applies accordingly to a Part 5.7 body with such adaptations as are necessary, including the following adaptations:

                     (a)  the principal place of business of a Part 5.7 body in this jurisdiction is taken, for all the purposes of the winding up, to be the registered office of the Part 5.7 body;

                     (b)  a Part 5.7 body is not to be wound up voluntarily under this Chapter;

                     (c)  the circumstances in which a Part 5.7 body may be wound up are as follows:

                              (i)  if the Part 5.7 body is unable to pay its debts, has been dissolved or deregistered, has ceased to carry on business in this jurisdiction or has a place of business in this jurisdiction only for the purpose of winding up its affairs;

                             (ii)  if the Court is of opinion that it is just and equitable that the Part 5.7 body should be wound up;

                            (iii)  if ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:

                                        (A)  the Part 5.7 body cannot pay its debts and should be wound up; or

                                        (B)  it is in the interests of the public, of the members, or of the creditors, that the Part 5.7 body should be wound up;

                     (d)  if the Part 5.7 body is a registrable Australian body--the winding up must deal only with the affairs of the body outside its place of origin.

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