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 bodythe winding up must deal
only with the affairs of the body outside its
place of origin.