Corporations Act 2001

Sections and provisions with full text and the judgments that cite each one.

Section 568A — Liquidator must give notice of disclaimer

(1) As soon as practicable after disclaiming property, a liquidator must: (a) lodge a written notice of the disclaimer; and (b) give written notice of the disclaimer to each person who appears to the…

Section 568B — Application to set aside disclaimer before it takes effect

(1) A person who has, or claims to have, an interest in disclaimed property may apply to the Court for an order setting aside the disclaimer before it takes effect, but may only do so within 14 days…

Section 568C — When disclaimer takes effect

(1) A disclaimer takes effect if, and only if: (a) in a case where only one application under section 568B for an order setting aside the disclaimer, or each of 2 or more such applications, is made…

Section 568D — Effect of disclaimer

(1) A disclaimer is taken to have terminated, as from the day on which it is taken because of subsection 568C(3) to take effect, the company’s rights, interests, liabilities and property in or in…

Section 568E — Application to set aside disclaimer after it has taken effect

(1) With the leave of the Court, a person who has, or claims to have, an interest in disclaimed property may apply to the Court for an order setting aside the disclaimer after it has taken effect.…

Section 568F — Court may dispose of disclaimed property

(1) The Court may order that disclaimed property vest in, or be delivered to: (a) a person entitled to the property; or (b) a person in or to whom it seems to the Court appropriate that the property…

Section 569 — Executions, attachments etc. before winding up

(1) Where: (a) a creditor has issued execution against property of a company, or instituted proceedings to attach a debt due to a company or to enforce a charge or a charging order against property…

Section 570 — Duties of sheriff after receiving notice of application

(1) Subject to this section, where a sheriff: (a) receives notice in writing of an application to the Court for the winding up of a company; or (b) receives notice in writing of the convening of a…

Section 571 — Pooling determination

Making of pooling determination (1) If the following conditions are satisfied in relation to a group of 2 or more companies: (a) each company in the group is being wound up; (b) any of the following…

Section 572 — Variation of pooling determination

If a pooling determination is in force in relation to a group of 2 or more companies, the liquidator or liquidators of the companies may, by writing, vary the determination. Note: A variation of a…

Section 573 — Lodgment of copy of pooling determination etc.

Pooling determination (1) Within 7 days after a pooling determination comes into force in relation to a group of 2 or more companies, the liquidator or liquidators of the companies in the group must…

Section 577 — Eligible unsecured creditors may decide to approve the determination or variation

(1A) Within 5 business days after the liquidator or liquidators of a group of 2 or more companies: (a) make a pooling determination in relation to the group; or (b) vary a pooling determination in…

Section 578 — When pooling determination comes into force etc.

Pooling determination (1) If: (a) a pooling determination is made in relation to a group of 2 or more companies; and (b) meetings are convened under subsection 577(1A) of the eligible unsecured…

Section 579 — Duties of liquidator

(1) This section applies if: (a) the liquidator or liquidators of a group of 2 or more companies exercise a power conferred by section 571 or subsection 577(1A); and (b) the liquidator or…

Section 579A — Court may vary or terminate pooling determination

(1) If a pooling determination is in force in relation to a group of 2 or more companies, the Court may make an order varying or terminating the pooling determination if the Court is satisfied that:…

Section 579B — Court may cancel or confirm variation

(1) If: (a) a pooling determination is in force in relation to a group of 2 or more companies; and (b) the determination is varied; and (c) the variation has come into force; either of the following…

Section 579C — When Court may void or validate pooling determination

(1) If there is doubt, on a specific ground, whether a pooling determination that relates to a group of 2 or more companies: (a) was made, varied or approved in accordance with this Division; or (b)…

Section 579D — Effect of termination or avoidance

The termination or avoidance, in whole or in part, of a pooling determination does not affect the previous operation of: (a) the pooling determination; or (b) this Division in so far as it relates to…

Section 579E — Pooling orders

Making of pooling order (1) If it appears to the Court that the following conditions are satisfied in relation to a group of 2 or more companies: (a) each company in the group is being wound up; (b)…

Section 579F — Variation of pooling orders

(1) The Court may, by order, vary a pooling order if the Court is of the opinion that it is just and equitable to do so. (2) A pooling order may only be varied on the application of: (a) the…

Section 579G — Court may make ancillary orders etc.

(1) If the Court makes a pooling order in relation to a group of 2 or more companies, the Court may, if the Court is of the opinion that it is just and equitable to do so, do any or all of the…

Section 579H — Variation of ancillary orders etc.

Variation of ancillary order (1) The Court may, by order, vary an order made under subsection 579G(1) if the Court is of the opinion that it is just and equitable to do so. (2) An order made under…

Section 579J — Notice of application for pooling order etc.

(1) If the liquidator or liquidators of the companies in a group apply for a pooling order, the liquidator or liquidators must give written notice of: (a) the application; or (b) a website where…

Section 579K — Notice of pooling order etc.

Notice of pooling order (1) If a pooling order is made in relation to a group of 2 or more companies, the liquidator or liquidators of the companies in the group must: (a) give each eligible…

Section 579L — Consolidated meetings of creditors

(1) If: (a) either: (i) a pooling determination is in force in relation to a group of 2 or more companies; or (ii) a pooling order is in force in relation to a group of 2 or more companies; and (b)…

Section 579M — When debts or claims are provable in winding up

If a debt or claim becomes a debt payable by, or a claim against, a company under any of the following provisions: (a) subsection 571(2) (including that subsection as modified by a determination…

Section 579N — Group of companies

To avoid doubt, for the purposes of: (a) this Division; or (b) any other provision of this Act to the extent to which it relates to this Division; a group of 2 or more companies need not be…

Section 579P — Secured debt may become unsecured

For the purposes of this Division, a secured debt becomes an unsecured debt to the extent that the creditor proves for the debt as an unsecured creditor.

Section 579Q — Eligible unsecured creditor

(1) Subject to subsection (2), for the purposes of the application of this Division to a group of 2 or more companies, a creditor of a company in the group is an eligible unsecured creditor of that…

Section 581 — Courts to act in aid of each other

(1) All courts having jurisdiction in matters arising under this Act, the judges of those courts and the officers of, or under the control of, those courts must severally act in aid of, and be…

Section 582 — Application of Part

(1) This Part has effect in addition to, and not in derogation of, sections 601CC and 601CL and any provisions contained in this Act or any other law with respect to the winding up of bodies, and the…

Section 583 — Winding up Part 5.7 bodies

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…

Section 585 — Insolvency of Part 5.7 body

For the purposes of this Part, a Part 5.7 body is taken to be unable to pay its debts if: (a) a creditor, by assignment or otherwise, to whom the Part 5.7 body is indebted in a sum exceeding the…

Section 586 — Contributories in winding up of Part 5.7 body

(1) On a Part 5.7 body being wound up, every person who: (a) in any case—is liable to pay or contribute to the payment of: (i) a debt or liability of the Part 5.7 body; or (ii) any sum for the…

Section 587 — Power of Court to stay or restrain proceedings

(1) The provisions of this Act with respect to staying and restraining actions and other civil proceedings against a company at any time after the filing of an application for winding up and before…

Section 588 — Outstanding property of defunct registrable body

(1) This section applies if, after the dissolution or deregistration of a registrable body, outstanding property of the body remains: (a) in this jurisdiction; and (b) outside the body’s place of…

Section 588FA — Meaning of unfair preference

(1) A transaction is an unfair preference given by a company to a creditor of the company if, and only if: (a) the company and the creditor are parties to the transaction (even if someone else is…

Section 588FDA — Meaning of unreasonable director-related transaction

(1) A transaction of a company is an unreasonable director-related transaction of the company if, and only if: (a) the transaction is: (i) a payment made by the company; or (ii) a conveyance,…

Section 588FGA — Directors to indemnify Commissioner of Taxation if certain payments set aside

(1) This section applies if the court makes an order under section 588FF, or ASIC makes an order under section 588FGAA, against the Commissioner of Taxation because of the payment of an amount in…

Section 588FGAA — ASIC may order undoing of effect of creditor-defeating dispositions by company being wound up

Scope of this section (1) This section applies if: (a) a company for which a liquidator has been appointed has made a creditor-defeating disposition of property; and (b) the disposition is voidable…

Section 588GA — Safe harbour—taking course of action reasonably likely to lead to a better outcome for the company

Safe harbour (1) Subsection 588G(2) does not apply in relation to a person and a debt, and subsections 588GAB(1) and (2) and 588GAC(1) and (2) do not apply in relation to a person and a disposition,…

Section 588GAA — Object of this Subdivision

The object of this Subdivision is to deter the practice (which may form part of the activity sometimes called phoenixing) of disposing of a company’s assets to avoid the company’s obligations to its…

Section 588GAAA — Safe harbour—temporary relief in response to the coronavirus

Safe harbour (1) Subsection 588G(2) does not apply in relation to a person and a debt incurred by a company if the debt is incurred: (a) in the ordinary course of the company’s business; and (b)…

Section 588HA — Review relating to safe harbour

(1) The Minister must cause an independent review of the following matters to be undertaken as soon as practicable after the last day of the 2 year period commencing on the commencement of this…

Section 588WA — Safe harbour—taking reasonable steps to ensure company’s directors have the benefit of the directors’ safe harbour

(1) Subsection 588V(1) does not apply in relation to a corporation that is the holding company of a company, and to a debt, if: (a) the corporation takes reasonable steps to ensure that either…