Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 588

Outstanding property of defunct registrable body

(1) This section applies if, after the dissolution or deregistration of a registrable body, outstanding property of the body remains:

in this jurisdiction; and

outside the body's place of origin.

(2) The estate and interest in the property, at law or in equity, of the body or its liquidator at that time, together with all claims, rights and remedies that the body or its liquidator then had in respect of the property, vests by force of this section in:

if the body was incorporated in Australia or an external Territory—the person entitled to the property under the law of the body's place of origin; or


(3) Where any claim, right or remedy of a liquidator may under this Act be made, exercised or availed of only with the approval or concurrence of the Court or some other person, ASIC may, for the purposes of this section, make, exercise or avail itself of the claim, right or remedy without such approval or concurrence. (4) Section 601AE applies to property that vests in ASIC under this section as if the property were vested in ASIC under subsection 601AD(2).

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