Transition from simplified liquidation process
5.5.08 Transition from simplified liquidation process
This regulation is made for the purposes of subsection 500AC(2) of the Act.
Notice of cessation of process
If the liquidator of a company ceases to follow the simplified liquidation process on a day, the liquidator must, within 2 business days after that day, lodge with ASIC notice in the prescribed form (if any) of the cessation.
Failure to comply with this subregulation is an offence: see subsection 1311(1) of the Act.
Validity of things done during process
Subject to this regulation, the cessation of the simplified liquidation process in relation to a company does not affect the validity of anything that was done in good faith in relation to the company before the cessation.
Reports by liquidator
If, at any time during the simplified liquidation process, it appeared to the liquidator that one or more of the circumstances in paragraph 533(1)(a), (b) or (c) existed, section 533 of the Act applies in relation to the liquidator as if paragraph 533(1)(d) were modified by omitting “within 6 months” and substituting “within 6 months after the day on which the simplified liquidation process in relation to the company ended”.
This Act’s bill:Explanatory statement
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