Commonwealth Consolidated Regulations

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Notice of adoption of simplified liquidation process

             (1)  This regulation is made for the purposes of paragraph 500AE(3)(f) of the Act.

             (2)  If the liquidator of a company adopts the simplified liquidation process on a day, the liquidator must, within 2 business days after that day, lodge with ASIC:

                     (a)  notice in the prescribed form (if any) of the adoption; and

                     (b)  a copy of the declaration given by the directors of the company to the liquidator in accordance with section 498 of the Act.

Note:          Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.

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