Corporations Act 2001

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:

subsection (2); and

regulations made for the purposes of subsection (3).

The following provisions do not apply in the simplified liquidation process:

section 533;

section 75‑10 of Schedule 2 (external administrator may convene meetings);

section 75‑15 of Schedule 2 (external administrator must convene meeting in certain circumstances);

section 75‑20 of Schedule 2 (external administrator must convene meeting if required by ASIC);

Division 80 of Schedule 2 (committees of inspection);

subsections 90‑23(1) to (5) and section 90‑24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.).

The regulations may provide for and in relation to the following:

circumstances in which a transaction is not an unfair preference despite section 588FA;

circumstances in which a transaction is not voidable despite section 588FE;

proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including:

the preparation and content of formal and informal proofs of debts and claims in relation to the company; and

the submission of formal and informal proofs of debts and claims to the liquidator of the company; and

the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and

withdrawal and variation of proofs of debts and claims in relation to the company; and

the admission and rejection of formal and informal proofs of debts and claims in relation to the company;

the identification of contributories in relation to a company that is the subject of the simplified liquidation process;

the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process;

giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.