Winding up on Registrar’s certificate
443 Winding up on Registrar’s certificate
A co-operative may be wound up on a certificate of the Registrar only if the necessary grounds for taking the action exist, as referred to in section 455.
A winding up on a certificate of the Registrar starts when the certificate is given.
On the giving of a certificate, the Registrar may appoint a person to be the liquidator of the co-operative.
The person appointed by the Registrar must be a registered liquidator within the meaning of the Corporations Act, but the Registrar may appoint a person who is not a registered liquidator if the Registrar forms the view that the likely costs of administration by a registered liquidator are excessive taking into account the known assets of the co-operative and the expected extent of debt of the co-operative.
The liquidator must, within 10 days after appointment, give notice of his or her appointment by designated instrument.
A vacancy occurring in the office of liquidator is to be filled by a person appointed by the Registrar.
The Registrar may fix—
the security to be given by a liquidator; and
the fees payable to a liquidator.
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