Section 488 — Corporations Act 2001 (Cth)

(1) Provision may be made by rules of court or regulations for enabling or requiring all or any of the powers and duties conferred and imposed on the Court by this Part or Schedule 2 in respect of:

(a) the holding and conducting of meetings to ascertain the wishes of creditors and contributories; and

(b) the paying, delivery, conveyance, surrender or transfer of money, property or books to the liquidator; and

(c) the adjusting of the rights of contributories among themselves and the distribution of any surplus among the persons entitled to it; and

(d) the fixing of a time within which debts and claims must be proved;

to be exercised or performed by the liquidator as an officer of the Court and subject to the control of the Court.

(2) Despite anything in rules of court or regulations made for the purposes of subsection (1), a liquidator may distribute a surplus only with the Court’s special leave.

Related sections

• s 486A — Court may make order to prevent officer or related entity from avoiding liability to company
• s 486B — Warrant to arrest person who is absconding, or who has dealt with property or books, in order to avoid obligations in connection with winding up
• s 487 — Power to arrest absconding contributory
• s 489 — Powers of Court cumulative
• s 489A — Arrest of person subject to warrant
• s 489B — Procedure after arrest

Research how courts apply s 488

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