Section 500AE — Corporations Act 2001: 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.