(1) This section applies if:
- (a)
- the creditors of a company under
administration resolve at a particular time under paragraph 439C(c) that the
company be wound up; or
- (b)
- a company under administration contravenes subsection 444B(2) at a
particular time; or
- (c)
- at a meeting convened under section 445F, a company's creditors:
- (i)
- pass a resolution terminating a deed of company arrangement executed by
the company; and
- (ii)
- also resolve at a particular time under section 445E that the
company be wound up.
(2) The company is taken:
- (a)
- to have passed, at the time referred to in
paragraph (1)(a) or (b) or subparagraph (1)(c)(ii), as the case may
be, a special resolution under section 491 that the company be wound up
voluntarily; and
- (b)
- to have done so without a declaration having been made and lodged under
section 494.
(3) Section 497 is taken to have been complied with in relation to the
winding up.
(4) For the purposes of subsection 499(1):
- (a)
- the company is taken to have
nominated:
- (i)
- if paragraph (1)(a) or (b) of this section appliesthe
administrator of the company; or
- (ii)
- if paragraph (1)(c) of this section appliesthe administrator
of the deed;
to be liquidator for the purposes of the winding up; and
- (b)
- the creditors are taken not to have so nominated anyone.
(5) The liquidator must:
- (a)
- within 7 days after the day on which the
company is taken to have passed the resolution, lodge a written notice stating
that the company is taken because of this section to have passed such a
resolution and specifying that day; and
- (b)
- cause a notice of that kind to be published, within 21 days after that
day:
- (i)
- in a national newspaper; or
- (ii)
- in each State or Territory in which the company has its registered office
or carries on business, in a daily newspaper that circulates generally in that
State or Territory.
(6) Section 482 applies in relation to the winding up as if it were a
winding up in insolvency or by the Court.
- Note: Section 482 empowers
the Court to stay or terminate a winding up and give consequential directions.
(7) An application under section 482 as applying because of
subsection (6) may be made:
- (a)
- despite subsection 499(4), by the
company pursuant to a resolution of the board; or
- (b)
- by the liquidator; or
- (c)
- by a creditor; or
- (d)
- by a contributory.