Corporations Law Amendment Act 1997 (Cth)

Corporations Law Amendment Act 1997

No. 46, 1997

An Act to amend the Corporations Law, and for related purposes

Contents

Corporations Law Amendment Act 1997

No. 46, 1997

An Act to amend the Corporations Law, and for related purposes

[Assented to 22 April 1997]

The Parliament of Australia enacts:

1Short title etc.

1. (1)

   This Act may be cited as the Corporations Law Amendment Act 1997.

2. (2)

   In this Act:

Corporations Law means the Corporations Law set out in

section 82 of the Corporations Act 1989.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Schedule

The Corporations Law is amended as set out in the Schedule.

Schedule 1—Amendment of the Corporations Law

1

Section 9 (definition of relevant date)

Add at the end:

Note: Subsection 553(1B) modifies the operation of this definition for debts and claims that arise while a company is under a deed of company arrangement if the deed terminates immediately before the winding up.

2

After subsection 553(1)

Insert:

1. (1A)

   Even though the circumstances giving rise to a debt payable by the company, or a claim against the company, occur on or after the relevant date, the debt or claim is admissible to proof against the company in the winding up if:

   1. (a)

      the circumstances occur at a time when the company is under a deed of company arrangement; and

   2. (b)

      the company is under the deed immediately before the resolution or court order that the company be wound up.

This subsection has effect subject to the other sections in this Division.

Note 1: See Division 10 of Part 5.3A (sections 444A-444H) for the provisions dealing with deeds of company arrangement.

Note 2: Section 1411 makes provision for distributions etc. made by liquidators before the commencement of this subsection.

Note 3: See paragraph 513A(d) for deeds that are followed immediately by court ordered winding up. See paragraphs 513B(c) and (d) for deeds that are followed immediately by voluntary winding up. Subsection 446A(2) and section 446B provide that companies are to be taken in certain circumstances to have passed resolutions that they be wound up.

1. (1B)

   For the purpose of applying the other sections of this Division to a debt or claim that is admissible to proof under subsection (1A), the relevant date for the debt or claim is the date on which the deed terminates.

3

Before Schedule 1

Insert:

Division 9—Changes resulting from the Corporations Law Amendment Act 1997

1411Effect of amendments on distributions etc. before commencement

The validity of any action taken by a liquidator before the commencement of the Corporations Law Amendment Act 1997 must not be called into question in any proceedings if the action would have been valid if the amendments made by that Act had been in force at the time of the action.

[Minister’s second reading speech made in—

House of Representatives on 6 November 1996

Senate on 19 March 1997]

(171/96)

I HEREBY CERTIFY that the above is a fair print of the Corporations Law Amendment Bill 1997 which originated in the House of Representatives as the Corporations Law Amendment Bill 1996 and has been finally passed by the Senate and the House of Representatives.

Clerk of the House of Representatives

IN THE NAME OF HER MAJESTY, I assent to this Act.

Governor-General

1997