Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Sections 590 to 593 (inclusive) apply to a company:
(a) that has been wound up or is in the course of being wound up; or
(b) that has been in the course of being wound up, where the winding up has been stayed or terminated by an order under section 482; or
(ba) of which a provisional liquidator has been appointed; or
(c) that is or has been under administration; or
(ca) that has executed a deed of company arrangement, even if the deed has since terminated; or
(cb) that is or has been under restructuring; or
(cc) that has made a restructuring plan, even if the plan has since terminated; or
(d) affairs of which are or have been under investigation; or
(e) in respect of property of which a receiver, or a receiver and manager, has at any time been appointed, whether by the Court or under a power contained in an instrument, whether or not the appointment has been terminated; or
(f) that has ceased to carry on business or is unable to pay its debts; or
(g) that has entered into a compromise or arrangement with its creditors.
(2) For the purposes of this Part, affairs of a company are or have been under investigation if, and only if:
(a) ASIC is investigating, or has at any time investigated, under Division 1 of Part 3 of the ASIC Act:
(i) matters being, or connected with, affairs of the company; or
(ii) matters including such matters; or
(b) affairs of the company have at any time been under investigation under:
(i) Part VII of the Companies Act 1981 ; or
(ii) the provisions of a previous law of a State or Territory that correspond to that Part.
(3) For the purposes of this Part, a company is taken to have ceased to carry on business only if:
(a) ASIC has published in the prescribed manner a notice of the proposed deregistration of the company under subsection 601AA(4) or 601AB(3); and
(b) if the notice was published under subsection 601AA(4) or under subsection 601AB(3) because of a decision under subsection 601AB(1)--2 months have passed since the notice was published and ASIC has not been informed that the company is carrying on business.
(4) For the purposes of this Part, a company is taken to be unable to pay its debts if, and only if, execution or other process issued on a judgment, decree or order of a court (whether or not an Australian court) in favour of a creditor of the company is returned unsatisfied in whole or in part.
(5) In this Part:
(a) in relation to a company that has been, has been being or is being wound up--the liquidator; and
(aa) in relation to a company of which a provisional liquidator has been appointed--the provisional liquidator; and
(b) in relation to a company that is or has been under administration--the administrator; and
(ba) in relation to a company that has executed a deed of company arrangement--the deed's administrator; and
(bb) in relation to a company that is or has been under restructuring--the restructuring practitioner; and
(bc) in relation to a company that has made a restructuring plan--the plan's restructuring practitioner; and
(c) in relation to a company affairs of which are or have been under investigation--ASIC or the NCSC, as the case requires; and
(d) in relation to a company in respect of property of which a receiver, or a receiver and manager, has been appointed--the receiver or the receiver and manager; and
(e) in relation to a company that has ceased to carry on business or is unable to pay its debts--ASIC or the NCSC, as the case requires; and
(f) in relation to a company that has entered into a compromise or arrangement with its creditors--the person appointed by the Court to administer the compromise or arrangement.
"property" of a company includes any PPSA retention of title property of the company.
Note: See sections 9 (definition of property ) and 51F (PPSA retention of title property).
"relevant day" means the day on which:
(a) in relation to a company that has been wound up, has been in the course of being wound up, or is being wound up:
(i) if, because of Division 1A of Part 5.6, the winding up is taken to have begun on the day when an order that the company be wound up was made--the application for the order was filed; or
(ii) otherwise--the winding up is taken because of Division 1A of Part 5.6 to have begun;
(aa) in relation to a company of which a provisional liquidator has been appointed--the provisional liquidator was appointed;
(b) in relation to a company that is or has been under administration--the administration began;
(ba) in relation to a company that has executed a deed of company arrangement--the deed was executed;
(bb) in relation to a company that is or has been under restructuring--the restructuring began;
(bc) in relation to a company that has made a restructuring plan--the plan was made;
(c) in relation to a company affairs of which are or have been under investigation:
(i) if paragraph (2)(a) applies--the investigation began; or
(ii) if paragraph (2)(b) applies--a direction was given to the NCSC to arrange for the investigation;
(d) in relation to a company in respect of property of which a receiver, or a receiver and manager, has been appointed--the receiver, or the receiver and manager, was appointed;
(e) in relation to a company that is unable to pay its debts--the execution or other process was returned unsatisfied in whole or in part;
(f) in relation to a company that has ceased to carry on business--a notice was first published in relation to the company under subsection 601AA(4) or 601AB(3);
(g) in relation to a company that has entered into a compromise or arrangement with its creditors--the compromise or arrangement was approved by the Court.
(6) This Part applies in relation to a company that was first incorporated other than under this Act:
(a) as if, in this Part (other than section 595) as so applying:
(i) a reference to the company included a reference to the company as it existed at a time before its registration day (including a time before the commencement of this Act); and
(iii) a reference, in relation to a provision of this Act, to ASIC included a reference to the NCSC (if relevant); and
(b) with such other modifications as the circumstances require.