Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.