Liquidator must cease to follow the simplified liquidation process

Current

(1)

For the purposes of paragraph 500AC(1)(b) of the Act, a prescribed circumstance is that the liquidator believes on reasonable grounds that:

(a)

the company, or a director of the company, has engaged in conduct; and

(b)

the conduct involved fraud or dishonesty; and

(c)

the conduct has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole.

(2)

The liquidator is taken to have ceased to follow the simplified liquidation process on the day on which the liquidator first held the belief.

This Act’s bill:Explanatory statement

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5.5.07 Liquidator must cease to follow the simplified liquidation process