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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Corporations
Law Amendment Bill 1996
No. ,
1996
(Treasury)
A Bill
for an Act to amend the Corporations Law, and for related
purposes
9617120—975/5.11.1996—(171/96) Cat.
No. 96 5423 2 ISBN 0644 481234
Contents
A Bill for an Act to amend the Corporations Law, and for
related purposes
The Parliament of Australia enacts:
(1) This Act may be cited as the Corporations Law Amendment Act
1996.
(2) In this Act:
Corporations Law means the Corporations Law set out
in
section 82 of the Corporations Act 1989.
This Act commences on the day on which it receives the Royal
Assent.
The Corporations Law is amended as set out in the Schedule.
1 Section 9 (definition of relevant
date)
Add at the end:
Note: Subsection 553(1B) modifies the operation of this
definition for debts and claims that arise while a company is under a deed of
company arrangement if the deed terminates immediately before the winding
up.
2 After subsection 553(1)
Insert:
(1A) Even though the circumstances giving rise to a debt payable by the
company, or a claim against the company, occur on or after the relevant date,
the debt or claim is admissible to proof against the company in the winding up
if:
(a) the circumstances occur at a time when the company is under a deed of
company arrangement; and
(b) the company is under the deed immediately before the resolution or
court order that the company be wound up.
This subsection has effect subject to the other sections in this
Division.
Note 1: See Division 10 of Part 5.3A (sections 444A-444H)
for the provisions dealing with deeds of company arrangement.
Note 2: Section 1411 makes provision for distributions etc.
made by liquidators before the commencement of this subsection.
Note 3: See paragraph 513A(d) for deeds that are followed
immediately by court ordered winding up. See paragraphs 513B(c) and (d) for
deeds that are followed immediately by voluntary winding up.
Subsection 446A(2) and section 446B provide that companies are to be taken
in certain circumstances to have passed resolutions that they be wound
up.
(1B) For the purpose of applying the other sections of this Division to a
debt or claim that is admissible to proof under subsection (1A), the relevant
date for the debt or claim is the date on which the deed terminates.
3 Before Schedule 1
Insert:
The validity of any action taken by a liquidator before the commencement
of the Corporations Law Amendment Act 1996 must not be called into
question in any proceedings if the action would have been valid if the
amendments made by that Act had been in force at the time of the
action.