Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 1236A — Meaning of property and receiver—sub-fund of a CCIV
In this Division: property, in relation to a sub-fund of a CCIV, means property in Australia or outside Australia. receiver, in relation to property of a sub-fund of a CCIV, includes a receiver and…
Section 1236B — Appointment of a controller of property of a sub-fund of a CCIV
(1) An appointment covered by subsection (2): (a) may not be made in relation to all the property of a CCIV; and (b) may be made only in relation to property of a CCIV that is property of a…
Section 1236C — Persons not to act as receivers
(1) A person is not qualified to be appointed, and must not act, as receiver of property of a sub-fund of a CCIV if the person: (a) is a secured party in relation to any property (including PPSA…
Section 1236D — Notifying of appointment or cessation of controller
If: (a) a person (the controller) is appointed as, or ceases to be, the controller of property of a sub-fund of a CCIV; and (b) one or more persons, other than the CCIV, holds assets of the sub-fund…
Section 1236E — Applying Part 5.2 etc. to sub-funds
(1) The controller provisions referred to in subsection (2) apply to a CCIV with: (a) the modifications set out in this Division; and (b) such other modifications as are made necessary by the fact…
Section 1236F — Liability of controller
(1) Section 1224M (about extended liability for acts of agents) does not apply to a person who, as agent for the CCIV, enters into possession or assumes control of any property of a sub-fund of the…
Section 1236G — Powers of receiver
If: (a) a receiver is appointed in respect of property of a sub-fund of a CCIV; and (b) one or more persons, other than the CCIV, holds assets of the sub-fund of the CCIV; the powers conferred under…
Section 1236H — Controller may require reports relating to other sub-funds if necessary
The affairs of a CCIV about which a controller of property of a sub-fund of the CCIV may require a report under section 430 include: (a) the affairs of the sub-fund; and (b) the affairs of any other…
Section 1236J — Controller may inspect books of CCIV
The books of a CCIV that a controller of property of a sub-fund of the CCIV is entitled under section 431 to inspect at any reasonable time include: (a) the allocation register kept by the corporate…
Section 1236K — Application of sub-fund property to meet certain priority payments
If a receiver is appointed in respect of property of a sub-fund of a CCIV, the assets of the sub-fund may be applied for the purposes of paying debts or amounts that, under section 433, must be paid…
Section 1236L — Transfer of books to ASIC etc.
(1) Before ASIC destroys, in accordance with subsection 422D(9), books relating to the control of property of a sub-fund of a CCIV, ASIC must notify the CCIV that it intends to do so. (2) Despite…
Section 1236M — Part 5.3A does not apply to a CCIV
Part 5.3A (about the administration of a company’s affairs with a view to executing a deed of company arrangement) does not apply to a CCIV or a sub-fund of a CCIV.
Section 1236N — Part 5.3B does not apply to a CCIV
Part 5.3B (about restructuring a company) does not apply to a CCIV or a sub-fund of a CCIV.
Section 1237 — Object of this Division
The object of this Division is to preserve the segregated application of assets of sub-funds by requiring a separate winding up procedure for each sub-fund.
Section 1237A — No winding up of a CCIV
A CCIV cannot be wound up, or placed in liquidation. Note: If a CCIV has no sub-funds, ASIC must deregister the CCIV: see section 1239K.
Section 1237KA — Declaration of relevant relationships
Paragraph 60(2)(a) has effect in relation to a liquidator of a sub-fund of a CCIV as if the persons referred to in subparagraphs 60(2)(a)(iv) to (vii) included each other sub-fund (if any) of the…
Section 1237ZA — Presumptions to be made in recovery proceedings
A reference in section 588E to financial records a company is required by subsection 286(1) to keep is taken, in relation to a winding up of a sub-fund of a CCIV, to be a reference to both of the…
Section 1237B — Applying winding up provisions to sub-funds
(1) An application to wind up a sub-fund of a CCIV, and the winding up of a sub-fund of a CCIV, are regulated: (a) by the provisions of this Division; and (b) by the winding up provisions referred to…
Section 1237ZB — Directors of the corporate director
(1) Sections 588FDA and 588FGA apply in relation to a sub-fund of a CCIV as if each of the following were a director of a CCIV: (a) a director of the CCIV; (b) a director of the corporate director of…
Section 1237C — References to debts etc. of a sub-fund
For the purposes of the application of the winding up provisions, as those provisions apply subject to item 1 of the table in subsection 1237B(4): (a) a debt of the CCIV is taken to be a debt of a…
Section 1237ZC — Vesting of PPSA security interests if collateral not registered within time
Section 588FL applies in relation to a PPSA security interest granted by a CCIV if: (a) an order is made, or a resolution is passed, for the winding up of a sub-fund of the CCIV; and (b) the PPSA…
Section 1237D — When a sub-fund is presumed to be insolvent
Paragraph 459C(2)(a) is taken to be satisfied in relation to a sub-fund of a CCIV if: (a) the CCIV failed (as defined by section 459F) to comply with a statutory demand; and (b) the failure affects…
Section 1237E — Statutory demand—creditor may serve demand on CCIV
(1) A person may serve a statutory demand on a CCIV under section 459E. (2) However, subsection 459E(2) applies to a statutory demand served on a CCIV as if it also required the demand to specify, in…
Section 1237F — Statutory demand—CCIV may apply to set aside demand
(1) A CCIV may apply to the Court under section 459G for an order setting aside a statutory demand served on the CCIV. (2) Division 3 of Part 5.4 applies in relation to the application subject to the…
Section 1237G — Statutory demand—determining application to set aside where there is a dispute or offsetting claim
(1) Paragraph 459H(1)(b) applies in relation to a debt to which a demand relates only if the CCIV has an offsetting claim that is an asset of the sub-fund of which the debt or a proportion of the…
Section 1237H — Statutory demand—determining application to set aside where there is a dispute about the sub-fund
(1) This section applies if: (a) a CCIV applies under section 459G for an order setting aside a statutory demand served on the CCIV; and (b) within the statutory period referred to in subsection…
Section 1237J — Substitution of sub-fund where statutory demand not relied on
(1) This section applies if: (a) a creditor applies under section 459P for a sub-fund of the CCIV to be wound up in insolvency; and (b) the application does not rely on a failure by the CCIV to…
Section 1237K — Declaration of solvency
A written declaration under section 494 about the affairs of a sub-fund may be made by the corporate director of the CCIV.
Section 1237L — Disqualification of liquidator
Paragraph 532(2)(c) has effect in relation to a sub-fund of a CCIV as if the persons referred to in that paragraph included the following: (a) a director of the corporate director of the CCIV; (b) a…
Section 1237M — Notifying of appointment, resignation or removal of liquidator
(1) If: (a) a liquidator of a sub-fund of a CCIV is appointed, resigns or is removed from office; and (b) one or more persons, other than the CCIV, holds assets of the sub-fund of the CCIV; the…
Section 1237N — Duties and powers of liquidator
Liquidator’s powers relate only to the sub-fund (1) The functions and powers of a liquidator of a sub-fund of a CCIV: (a) include functions and powers conferred on the liquidator of a sub-fund of a…
Section 1237P — Retention and destruction of books
(1) The following provisions do not apply in relation to a winding up of a sub-fund: (a) subsection 70-35(3) of Schedule 2 (about when an external administrator is not required to retain books); (b)…
Section 1237Q — Officers of corporate director to help liquidator
(1) Section 530A applies as if each of the following were an officer of a CCIV: (a) an officer of the CCIV; (b) an officer of the corporate director of the CCIV; (c) an officer of a former corporate…
Section 1237R — Corporate director may retain certain books
(1) The corporate director of a CCIV is entitled, as against a liquidator of a sub-fund of the CCIV, to retain possession of books of the CCIV that relate to: (a) the business or affairs of the CCIV…
Section 1237S — Corporate director may access certain books
The corporate director of a CCIV is entitled to inspect at any reasonable time books relating to the winding up of a sub-fund of the CCIV, to the extent the inspection of those books is necessary for…
Section 1237T — Corporate director may direct ASIC not to destroy books
(1) Before ASIC destroys, in accordance with subsection 70-31(9) of Schedule 2, books relating to the winding up of a sub-fund of a CCIV, ASIC must notify the CCIV that it intends to do so. (2)…
Section 1237U — Mandatory examination
(1) Section 596A applies in relation to a CCIV as if the following were officers of the CCIV: (a) a natural person who is an officer of the CCIV; (b) a natural person who is a director of the…
Section 1237V — Court may make order imposing liability on unlicensed person operating CCIV
Where: (a) a sub-fund of a CCIV is being wound up; and (b) within the period of 4 years ending before the relation-back day, a person not meeting the requirements in subsection 1224F(1) for the…
Section 1237W — Liquidator must be satisfied debt or claim is a liability of the sub-fund
(1) The liquidator of a sub-fund must determine that the whole or a part of a debt of the CCIV is not admissible to proof against the sub-fund if the liquidator is satisfied that the debt or the part…
Section 1237X — Determination of debts and claims that relate to the business of 2 or more sub-funds and are of uncertain value
(1) This section applies if, in the winding up of a sub-fund, the liquidator admits a debt or claim that: (a) is a liability of the CCIV that does not relate solely to the business of the sub-fund;…
Section 1237Y — Application of sub-fund property
If a sub-fund of a CCIV is being wound up, the assets of the sub-fund may be applied for the purposes of paying debts and claims that, under section 556 as it applies in relation to the winding up of…
Section 1237Z — Warrant in relation to books
(1) This section applies in relation to a warrant issued by a Court under subsection 530C(2) on application by the liquidator or provisional liquidator of a sub-fund of a CCIV. (2) The books of a…
Section 1238 — Duties owed by directors of corporate director of a CCIV
The object of this Division is to ensure that the officers of the corporate director of a CCIV, instead of the corporate director itself, owe the duties in Divisions 3, 4, 5 and 6 of Part 5.7B.
Section 1238A — Applying property recovery provisions to CCIVs
(1) The property recovery provisions referred to in subsection (2) apply to a CCIV subject to: (a) such modifications as are set out in this Division; and (b) such other modifications as are made…
Section 1238B — References to incurring debts
For the purposes of the application of the property recovery provisions, as those provisions apply subject to item 1 of the table in subsection 1238A(4), a sub-fund is taken to incur a debt if: (a)…
Section 1238C — When debts arise in relation to redeemable shares
(1) For the purposes of section 588G, if a CCIV takes action set out in column 1 of an item of the following table, it incurs a debt at the time set out in column 2 of the item. When debts are…
Section 1238D — Applying external administration offences to CCIVs
(1) The external administration offences provisions referred to in subsection (3) apply to a CCIV. (2) In addition to the application referred to in subsection (1), the external administration…
Section 1238E — Interpretation of ceased to carry on business
(1) For the purposes of Part 5.8, a sub-fund is taken to have ceased to carry on business only if: (a) 2 months have passed since a notice under subsection 1239(5) (about voluntary deregistration of…
Section 1238F — Frauds by officers
(1) Section 596 applies in relation to a CCIV as if the following were officers of the CCIV: (a) a natural person who is an officer of the CCIV; (b) a natural person who is a director of the…
Section 1238G — Applying external administration miscellaneous provisions to sub-funds
(1) The external administration miscellaneous provisions referred to in subsection (2) apply to a CCIV subject to: (a) such modifications as are set out in this Division; and (b) such other…