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CORPORATIONS ACT 2001 - SECT 500AE Simplified liquidation process

CORPORATIONS ACT 2001 - SECT 500AE

Simplified liquidation process

  (1)   The simplified liquidation process for a creditors' voluntary winding up is the process for a creditors' voluntary winding up set out in this Act, as affected by:

  (a)   subsection   (2); and

  (b)   regulations made for the purposes of subsection   (3).

  (2)   The following provisions do not apply in the simplified liquidation process:

  (a)   section   533;

  (b)   section   75 - 10 of Schedule   2 (external administrator may convene meetings);

  (c)   section   75 - 15 of Schedule   2 (external administrator must convene meeting in certain circumstances);

  (d)   section   75 - 20 of Schedule   2 (external administrator must convene meeting if required by ASIC);

  (e)   Division   80 of Schedule   2 (committees of inspection);

  (f)   subsections   90 - 23(1) to (5) and section   90 - 24 of Schedule   2 (appointment of reviewing liquidator by ASIC, creditors etc.).

  (3)   The regulations may provide for and in relation to the following:

  (a)   circumstances in which a transaction is not an unfair preference despite section   588FA;

  (b)   circumstances in which a transaction is not voidable despite section   588FE;

  (c)   proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:

  (i)   the preparation and content of formal and informal proofs of debts and claims in relation to the company; and

  (ii)   the submission of formal and informal proofs of debts and claims to the liquidator of the company; and

  (iii)   the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and

  (iv)   withdrawal and variation of proofs of debts and claims in relation to the company; and

  (v)   the admission and rejection of formal and informal proofs of debts and claims in relation to the company;

  (d)   the identification of contributories in relation to a company that is the subject of the simplified liquidation process;

  (e)   the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process;

  (f)   giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.

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