Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The repeal of section 963D by item 91 of Part 4 of Schedule 1 to the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Act 2024 applies to a benefit given to a financial services licensee, or a representative of a financial services licensee, under an arrangement if:
(a) the arrangement was entered into on or after the day (the deferred start day ) that is 6 months after the commencement of that Part; or
(b) all of the following apply:
(i) the arrangement was varied on or after the deferred start day;
(ii) the variation related to the giving of benefits under the arrangement;
(iii) the benefit is given on or after the deferred start day.
(2) The repeal of that section also applies to a benefit if:
(a) the benefit is given to a financial services licensee, or a representative of a financial services licensee, otherwise than under an arrangement; and
(b) the benefit is given on or after the deferred start day.
No. 50, 2001
Compilation No. 137
Compilation date: 14 October 2024
Includes amendments: Act No. 38, 2024
This compilation is in 7 volumes
Volume 1: sections 1-260E
Volume 2: sections 283AA-600K
Volume 3: sections 601-742
Volume 4: sections 760A-994Q
Volume 5: sections 1010A-1243A
Volume 6: sections 1272-1708D
Volume 7: Schedules
Endnotes
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Corporations Act 2001 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Schedule 2--Insolvency Practice Schedule (Corporations)
Part 1--Introduction
Division 1--Introduction
1 - 1 Object of this Schedule
1 - 5 Simplified outline of this Schedule
Division 5--Definitions
Subdivision A--Introduction
5 - 1 Simplified outline of this Division
Subdivision B--The Dictionary
5 - 5 The Dictionary
Subdivision C--Other definitions
5 - 10 Meaning of current conditions
5 - 15 Meaning of external administration of a company
5 - 20 Meaning of external administrator of a company
5 - 25 References to the external administrator of a company
5 - 27 Meaning of pooled group
5 - 30 Persons with a financial interest in the external administration of a company
Part 2--Registering and disciplining practitioners
Division 10--Introduction
10 - 1 Simplified outline of this Part
10 - 5 Working cooperatively with the Inspector - General in Bankruptcy
Division 15--Register of liquidators
15 - 1 Register of Liquidators
Division 20--Registering liquidators
Subdivision A--Introduction
20 - 1 Simplified outline of this Division
Subdivision B--Registration
20 - 5 Application for registration
20 - 10 ASIC may convene a committee to consider
20 - 15 ASIC must refer applications to a committee
20 - 20 Committee to consider applications
20 - 25 Committee to report
20 - 30 Registration
20 - 35 Conditions imposed on all registered liquidators or a class of registered liquidators
Subdivision C--Varying etc. conditions of registration
20 - 40 Application to vary etc. conditions of registration
20 - 45 ASIC may convene a committee to consider applications
20 - 50 ASIC must refer applications to a committee
20 - 55 Committee to consider applications
20 - 60 Committee to report
20 - 65 Committee's decision given effect
Subdivision D--Renewal
20 - 70 Application for renewal
20 - 75 Renewal
Subdivision E--Offences relating to registration
20 - 80 False representation that a person is a registered liquidator
Division 25--Insurance
25 - 1 Registered liquidators to maintain insurance
Division 30--Annual liquidator returns
30 - 1 Annual liquidator returns
Division 35--Notice requirements
35 - 1 Notice of significant events
Division 40--Disciplinary and other action
Subdivision A--Introduction
40 - 1 Simplified outline of this Division
Subdivision B--Direction to comply
40 - 5 Registered liquidator to remedy failure to lodge documents or give information or documents
40 - 10 Registered liquidator to correct inaccuracies etc.
40 - 15 Direction not to accept further appointments
Subdivision C--Automatic cancellation
40 - 20 Automatic cancellation
Subdivision D--ASIC may suspend or cancel registration
40 - 25 ASIC may suspend registration
40 - 30 ASIC may cancel registration
40 - 35 Notice of suspension or cancellation
Subdivision E--Disciplinary action by committee
40 - 40 ASIC may give a show - cause notice
40 - 45 ASIC may convene a committee
40 - 50 ASIC may refer matters to the committee
40 - 55 Decision of the committee
40 - 60 Committee to report
40 - 65 ASIC must give effect to the committee's decision
Subdivision F--Lifting or shortening suspension
40 - 70 Application to lift or shorten suspension
40 - 75 ASIC may convene a committee to consider applications
40 - 80 ASIC must refer applications to a committee
40 - 85 Committee to consider applications
40 - 90 Committee to report
40 - 95 Committee's decision given effect
Subdivision G--Action initiated by industry body
40 - 100 Notice by industry bodies of possible grounds for disciplinary action
40 - 105 No liability for notice given in good faith etc.
40 - 110 Meaning of industry bodies
Subdivision H--Consequences of certain disciplinary and other action
40 - 111 Appointment of another liquidator if liquidator's registration is suspended or cancelled
Division 45--Court oversight of registered liquidators
45 - 1 Court may make orders in relation to registered liquidators
45 - 5 Court may make orders about costs
Division 50--Committees under this Part
50 - 1 Simplified outline of this Division
50 - 5 Prescribed body appointing a person to a committee
50 - 10 Minister appointing a person to a committee
50 - 15 Single committee may consider more than one matter
50 - 20 Ongoing consideration of matters by committee
50 - 25 Procedure and other rules relating to committees
50 - 30 Remuneration of committee members
50 - 35 Committee must only use information etc. for purposes for which disclosed
Part 3--General rules relating to external administrations
Division 55--Introduction
55 - 1 Simplified outline of this Part
Division 60--Remuneration and other benefits received by external administrators
Subdivision A--Introduction
60 - 1 Simplified outline of this Division
Subdivision B--Remuneration of external administrators--general rules
60 - 2 Application of this Subdivision
60 - 5 External administrator's remuneration
60 - 10 Remuneration determinations
60 - 11 Review of remuneration determinations
60 - 12 Matters to which the Court must have regard
60 - 15 Maximum default amount
Subdivision C--Remuneration of provisional liquidators
60 - 16 Remuneration of provisional liquidators
Subdivision D--Remuneration of liquidators in winding up by ASIC
60 - 17 Remuneration of liquidators in winding up by ASIC
Subdivision DA--Remuneration of restructuring practitioners
60 - 18 Insolvency Practice Rules
Subdivision E--Duties of external administrators relating to remuneration and benefits etc.
60 - 20 External administrator must not derive profit or advantage from the administration of the company
Division 65--Funds handling
65 - 1 Simplified outline of this Division
65 - 5 External administrator must pay all money into an administration account
65 - 10 Administration accounts
65 - 15 External administrator must not pay other money into the administration account
65 - 20 Consequences for failure to pay money into administration account
65 - 25 Paying money out of administration account
65 - 40 Handling securities
65 - 45 Handling of money and securities--Court directions
65 - 50 Rules in relation to consequences for failure to comply with this Division
Division 70--Information
Subdivision A--Introduction
70 - 1 Simplified outline of this Division
Subdivision B--Administration returns
70 - 5 Annual administration return
70 - 6 End of administration return
Subdivision C--Record - keeping
70 - 10 Administration books
70 - 15 Audit of administration books--ASIC
70 - 20 Audit of administration books--on order of the Court
70 - 25 External administrator to comply with auditor requirements
70 - 30 Transfer of books to new administrator
70 - 31 Transfer of books to ASIC etc.
70 - 35 Retention and destruction of books
70 - 36 Books of company in external administration--evidence
Subdivision D--Giving information etc. to creditors and others
70 - 40 Right of creditors to request information etc. from external administrator
70 - 45 Right of individual creditor to request information etc. from external administrator
70 - 46 Right of members to request information etc. from external administrator in a members' voluntary winding up
70 - 47 Right of individual member to request information etc. from external administrator in a members' voluntary winding up
70 - 50 Reporting to creditors and members
Subdivision E--Other requests for information etc.
70 - 55 Commonwealth may request information etc.
Subdivision F--Reporting to ASIC
70 - 60 Insolvency Practice Rules may provide for reporting to ASIC
Subdivision G--External administrator may be compelled to comply with requests for information etc.
70 - 65 Application of this Subdivision
70 - 70 ASIC may direct external administrator to comply with the request for relevant material
70 - 75 ASIC must notify external administrator before giving a direction under section 70 - 70
70 - 80 ASIC must not direct external administrator to give the relevant material if external administrator entitled not to comply with the request
70 - 85 ASIC may impose conditions on use of the relevant material
70 - 90 Court may order relevant material to be given
Division 75--Meetings
75 - 1 Simplified outline of this Division
75 - 5 Other obligations to convene meetings not affected
75 - 10 External administrator may convene meetings
75 - 15 External administrator must convene meeting in certain circumstances
75 - 20 External administrator must convene meeting if required by ASIC
75 - 21 Restructuring and restructuring plans
75 - 25 External administrator's representative at meetings
75 - 30 ASIC may attend meetings
75 - 35 Commonwealth may attend certain meetings etc.
75 - 40 Proposals to creditors or contributories without meeting
75 - 41 Outcome of voting at creditors' meeting determined by related entity--Court powers
75 - 42 Creditors' resolution passed because of casting vote--Court review
75 - 43 Proposed creditors' resolution not passed because of casting vote--Court's powers
75 - 44 Interim order on application under section 75 - 41, 75 - 42 or 75 - 43
75 - 45 Order under section 75 - 41 or 75 - 42 does not affect act already done pursuant to resolution
75 - 50 Rules relating to meetings
Division 80--Committees of inspection
80 - 1 Simplified outline of this Division
80 - 5 Application
80 - 10 Committee of inspection--company not a member of a pooled group
80 - 15 Appointment and removal of members of committee of inspection by creditors generally
80 - 20 Appointment of committee member by large creditor
80 - 25 Appointment of committee member by employees
80 - 26 Committee of inspection--pooled groups
80 - 27 External administrator must convene meeting in certain circumstances
80 - 30 Committees of inspection--procedures etc.
80 - 35 Functions of committee of inspection
80 - 40 Committee of inspection may request information etc.
80 - 45 Reporting to committee of inspection
80 - 50 Committee of inspection may obtain specialist advice or assistance
80 - 55 Obligations of members of committee of inspection
80 - 60 Obligations of creditor appointing a member of committee of inspection
80 - 65 ASIC may attend committee meetings
80 - 70 The Court may inquire into conduct of the committee
Division 85--Directions by creditors
85 - 1 Simplified outline of this Division
85 - 5 External administrator to have regard to directions given by creditors
Division 90--Review of the external administration of a company
Subdivision A--Introduction
90 - 1 Simplified outline of this Division
Subdivision B--Court powers to inquire and make orders
90 - 5 Court may inquire on own initiative
90 - 10 Court may inquire on application of creditors etc.
90 - 15 Court may make orders in relation to external administration
90 - 20 Application for Court order
90 - 21 Meetings to ascertain wishes of creditors or contributories
Subdivision C--Review by another registered liquidator
90 - 22 Application of this Subdivision
90 - 23 Appointment of reviewing liquidator by ASIC or the Court
90 - 24 Appointment of reviewing liquidator by creditors etc.
90 - 25 Reviewing liquidator must consent to appointment
90 - 26 Review
90 - 27 Who pays for a review?
90 - 28 Court orders in relation to review
90 - 29 Rules about reviews
Subdivision D--Removal by creditors
90 - 30 Application of this Subdivision
90 - 35 Removal by creditors
Part 4--Other matters
Division 95--Introduction
95 - 1 Simplified outline of this Part
100 - 5 External administrator may assign right to sue under this Act
100 - 6 Approved forms
Division 105--The Insolvency Practice Rules
105 - 1 The Insolvency Practice Rules
Schedule 3--Penalties
Schedule 4--Transfer of financial institutions and friendly societies
Part 1--Preliminary
Part 2--Financial institutions that became companies
Division 1--Registration and its consequences
3 Background (registration of transferring financial institution as company)
4 Rules applied to transferring institution that was registered as a company under the transfer provisions
11 Transferring financial institution under external administration
Division 2--Membership
12 Institution that became a company limited by shares
13 Institution that became a company limited by guarantee
14 Institution becoming a company limited by shares and guarantee
15 Redeemable preference shares that were withdrawable shares
16 Liability of members on winding up
Division 3--Share capital
17 Share capital
18 Application of no par value rule
19 Calls on partly - paid shares
20 References in contracts and other documents to par value
Part 4--The transition period
25 ASIC may direct directors of a company to modify its constitution
27 When certain modifications of a company's constitution under an exemption or declaration take effect
Part 5--Disclosure of the proposed demutualisation
29 Disclosure for proposed demutualisation
31 Coverage of disclosure statement
32 Registration of disclosure statement
33 Expert's report
34 Unconscionable conduct in relation to demutualisations
Part 6--Continued application of fundraising provisions of the Friendly Societies Code
36 Friendly Societies Code to apply to offers of interests in benefit funds
Part 7--Transitional provisions
37 Unclaimed money
38 Modification by regulations
39 Regulations may deal with transitional, saving or application matters
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history