INSOLVENCY LECTURE 7. GOOLEY’S ENTIRE CONTRIBUTION TO LECTURE 7. (Allegedly) Buenos Aires Law School . INTRODUCTION. Solvent Winding Up - Part 5.5 Corporations Act. The company is no longer required - it is wound up and surplus assets are distributed to members.
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(Allegedly) Buenos Aires Law School
(a) the company;
(b) a creditor;
(c) a contributory;
(d) a director;
(e) a liquidator or provisional liquidator of the company;
(g) a prescribed agency.
(a) a person who is a creditor only because of a contingent or prospective debt;
(b) a contributory;
(c) a director;
(2) The Court must presume that the company is insolvent if, during or after the three (3) months ending on the day when the application was made:
(a) the company failed (as defined by Section 459F) to comply with a statutory demand; or
(b) execution or other process issued on a judgment, decree or order of an Australian court in favour of a creditor of the company was returned wholly or partly unsatisfied; or
(c) a receiver, or receiver and manager, of the property of the company was appointed under a power contained in an instrument relating to a floating charge on such property; or
(d) an order was made for the appointment of such a receiver, or receiver and manager, for the purpose of enforcing such a charge; or
(e) a person entered into possession, or assumed control, of such property for such a purpose; or
(f) a person was appointed so to enter into possession or assume control (whether as agent for the chargee or for the company).
(2) The demand:
(a) if it relates to a single debt - must specify the debt and its amount; and
(b) if it relates to two or more debts - must specify the total of the amounts of the debts; and
(c) must require the company to pay the amount of the debt, or the total of the amounts of the debts, or to secure or compound for that amount or total to the creditor’s reasonable satisfaction, within 21 days after the demand is served on the company; and
(d) must be in writing; and
(e) must be in the prescribed form (if any); and
(f) must be signed by or on behalf of the creditor.
Description of the debt Amount of the debt
(indicate if it is a judgment debt,
giving the name of the court
and the date of the order)
Print name: capacity:
Corporation or partnership name (if applicable):
The debtor company may pay the debt demanded, or secure or compound the debt to the creditor’s reasonable satisfaction.
(a) that there is a genuine dispute between the company and the respondent about the existence or amount of a debt to which the demand relates;
(b) that the company has an offsetting claim.