CORPORATIONS ACT 2001 - SECT 583 Winding up Part 5.7 bodies

CORPORATIONS ACT 2001 - SECT 583

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