Simplified liquidation process
(1) The simplified liquidation process for a creditors’ voluntary winding up is the process for a creditors’ voluntary winding up set out in this Act, as affected by: (a) subsection (2); and (b) regulations made for the purposes of subsection (3). (2) The following provisions do not apply in the simplified liquidation process: (a) section 533; (b) section 75‑10 of Schedule 2 (external administrator may convene meetings); (c) section 75‑15 of Schedule 2 (external administrator must convene meeting in certain circumstances); (d) section 75‑20 of Schedule 2 (external administrator must convene meeting if required by ASIC); (e) Division 80 of Schedule 2 (committees of inspection); (f) subsections 90‑23(1) to (5) and section 90‑24 of Schedule 2 (appointment of reviewing liquidator by ASIC, creditors etc.). (3) The regulations may provide for and in relation to the following: (a) circumstances in which a transaction is not an unfair preference despite section 588FA; (b) circumstances in which a transaction is not voidable despite section 588FE; (c) proofs of debts and claims in relation to a company that is subject to the simplified liquidation process, including: (i) the preparation and content of formal and informal proofs of debts and claims in relation to the company; and (ii) the submission of formal and informal proofs of debts and claims to the liquidator of the company; and (iii) the production of documents and information relating to proofs of debts and claims to the liquidator of the company; and (iv) withdrawal and variation of proofs of debts and claims in relation to the company; and (v) the admission and rejection of formal and informal proofs of debts and claims in relation to the company; (d) the identification of contributories in relation to a company that is the subject of the simplified liquidation process; (e) the declaration and payment of a dividend in the winding up of a company that is the subject of the simplified liquidation process; (f) giving information, providing reports and producing documents to ASIC in relation to a company that is the subject of the simplified liquidation process.
Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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