CORPORATIONS REGULATIONS 2001 - REG 5.6.65 Liquidator to give notice of intention to declare a dividend

CORPORATIONS REGULATIONS 2001 - REG 5.6.65

  (1)   Subject to subregulation (1A), the liquidator must give notice of his or her intention to declare a dividend not more than 2 months before the intended date:

  (a)   by lodging a notice with ASIC in accordance with subregulation   5.6.75(4); and

  (b)   in writing, in accordance with Form 547 or, for a final dividend, in accordance with Form 548, to any person whose debt or claim has not been admitted and who:

  (i)   for a winding up by the Court--is shown as a creditor in the report on the affairs of the company under subsection   475(1) of the Act; or

  (ii)   for a members' voluntary winding up--appears in the company's records to be a creditor; or

  (iii)   for a creditors' voluntary winding up--is shown as a creditor in the list of creditors prepared in accordance with subparagraph   497(1)(a)(ii) of the Act; or

  (iv)   to the knowledge of the liquidator claims to be, or might claim to be, a creditor of the company.

  (1A)   The requirement in subregulation (1) that the notice must be given not more than 2 months before the intended date does not apply in relation to a liquidator of a company that is subject to the simplified liquidation process.

  (2)   A notice in accordance with subregulation   (1) must specify a date, not less than 21 days after the date of the notice, on or before which formal proof, in accordance with Form 535 or 536, of a debt or claim must be submitted to participate in the distribution.

  (2A)   Also, the notice must state at least the following information:

  (a)   the name of the company;

  (b)   any trading name of the company;

  (c)   the ACN of the company;

  (d)   if Division   1 of Part   5.6 of the Act applies for a sub - fund of a CCIV because of section   1237B of the Act--the ARFN of the sub - fund.

  (3)   Subject to regulation   5.6.68, a person:

  (a)   who claims to be a creditor; and

  (b)   who does not submit a formal proof of a debt or claim on or before the date specified in the notice given under subregulation   (1);

is excluded from participating in the distribution to which that notice relates.

Note:   If Division   1 of Part   5.6 of the Act applies for a sub - fund of a CCIV because of section   1237B of the Act, that section translates most of this regulation's references to the company so that they are references to the sub - fund.