Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 5.6.66

Time allowed for dealing with formal proof of debt or claim

             (1)   If the liquidator has given notice in accordance with subregulation 5.6.65(1), the liquidator must:

                     (a)  within 14 days after the date shown in the notice; or

                     (b)  within such further period as ASIC allows;

in writing:

                     (c)  before the end of that period:

                              (i)  admit a formal proof of debt or claim received by the liquidator; or

                             (ii)  reject it; or

                            (iii)  admit part of it and reject part of it; or

                            (iv)  require further evidence in support of it; and

                     (d)  give notice of the liquidator's decision to the creditor who submitted the proof.

Note:          The effect of regulation 5.6.11A is that if a recipient has, in accordance with that provision, nominated electronic means to receive notices, the notifier may give or send the notice mentioned in this paragraph by the nominated electronic means.

             (2)   If, within whichever period is applicable under paragraph (1)(a) or (b) or subregulation (3), the liquidator does not, in writing, deal with a formal proof of debt or claim in accordance with paragraphs (1)(c) and (d), the creditor who submitted the proof may apply to the Court for a decision on it.

             (3)   If the liquidator gives notice to a creditor that further evidence is required in relation to a formal proof of debt or claim submitted by the creditor:

                     (a)  the liquidator must, in writing, deal with the formal proof of debt or claim in accordance with paragraphs (1)(c) and (d), within whichever period mentioned in paragraph (1)(a) or (b) is applicable; and

Note:          The effect of regulation 5.6.11A is that if a recipient has, in accordance with that provision, nominated electronic means to receive notices, the notifier may give or send the notice mentioned in this paragraph by the nominated electronic means.

                     (b)  that period must be taken not to have begun to run until the day on which the liquidator receives a sufficient written answer to his or her request.



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