Corporations Act Act No. 50 of as amended. This compilation was prepared on 22 November taking into account amendments up to Act No. This is a compilation of the Corporations Act that shows the text of the . Division 3—Carrying over the old Corporations Regulations. The Corporations Act primarily regulates corporations and financial Corporations Act (consolidated as of April 14, ), Part (pdf.
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Corporations Act Act No. 50 of as amended. This compilation was prepared on 10 Part A—Interaction between Corporations legislation and. Corporations Act Act Compilation. CCVOL Authoritative PDF Document: MB · Primary Document Icon · CCVOL ZIP. ASIC has general administration of this Act 5C. Application of the Acts Interpretation Act PART AINTERACTION BETWEEN CORPORATIONS.
This decision highlights the uncertainty faced by receivers and their appointers where it is unclear whether a company has sufficient property to meet the claims of priority unsecured creditors, including employee claims and the costs and expenses of administration and liquidation. Liquidators were subsequently appointed to GSL in November Section of the Act provides that, where the available property of the company is insufficient to meet the claims of former employees of the company, the former employees are to be paid in priority to the claims of secured creditors holding circulating security interests. In November , the receivers applied for directions from the Supreme Court of Western Australia in relation to how to comply with their obligations under section On 23 February , the Supreme Court gave directions to the effect that, if the receivers were unable to determine whether there was sufficient company property available to meet employee claims, the receivers could set aside and hold on trust charged property sufficient to meet those claims.
Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Short title Constitutional basis for this Act Referring States General territorial application of Act Application to the Crown ASIC has general administration of this Act Application of the Acts Interpretation Act Coverage of Part Concurrent operation intended Corporations legislation does not apply to matters declared by State or Territory law to be an excluded matter Avoiding direct inconsistency arising between the Corporations legislation and State and Territory laws In March , the liquidators sought directions from the Federal Court as to whether: any trust obligation existed in respect of the funds transferred to them by the receivers the liquidators would be acting properly in applying those funds to meet the unsecured debts of GSL in the order or priorities established by section The Court's Judgment The Court found that section did not have the effect of making the receivers or the liquidators trustees of those funds.
The Court applied the reasoning in Visbord v Commissioner of Taxation Cth 68 CLR , in which the High Court noted that, if a person is bound by statute to apply money for the benefit of particular persons, that does not necessarily make him a trustee.
The Court directed that the liquidators would be acting properly in applying the funds to meet the unsecured debts of GSL in the order of priorities established by section of the Act.
The Court did not consider whether the receivers had complied with section However, the Court suggested that the liquidators should consider whether there had been any non-compliance with section and, if so, take appropriate action.
PART 2D. Automatic disqualification--convictions, bankruptcy and foreign court orders etc.
Disqualification under the Competition and Consumer Act etc. Certain actions taken to vary rights etc.
When does the company incur a debt? Exemption orders--class orders for non-auditor members etc. Exemption orders--criteria for orders for non-auditor members etc.