Insolvency Practice Rules (Corporations) 2016

In force

Administered by

Department of the Treasury

This item is authorised by the following title:

Corporations Act 2001

Superseded version

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View as made version

F2020C01115 C03

28 November 2020 - 22 December 2020

Table of contents

Part 1—Introduction
Division 1—Introduction
1-1 Name
1-10 Authority
Division 5—Definitions
5-5 The Dictionary
5-10 What is a current registration?
5-15 Meaning of material personal interest
Part 2—Registering and disciplining practitioners
Division 15—Register of Liquidators
15-1 Register of Liquidators
Division 20—Registering liquidators
20-1 Qualifications, experience, knowledge and abilities required by applicants for registration
20-5 Conditions on registration of liquidators
Division 35—Notice requirements
35-1 Events of which a registered liquidator must notify ASIC
Division 40—Disciplinary and other action
40-1 Industry bodies that may notify ASIC of grounds for disciplinary action
Division 50—Part 2 committees
50-1 Authority
50-5 Part 2 committee may generally determine its own procedures
50-10 ARITA may appoint a member of a Part 2 committee
50-15 Knowledge and experience required of a member of a Part 2 committee appointed by ARITA
50-20 Chair of a Part 2 committee
50-25 Resignation of Part 2 committee members
50-30 Part 2 committee to be reconstituted—removing ARITA members
50-35 Part 2 committee to be reconstituted—removing members appointed by the Minister
50-40 Part 2 committee to be reconstituted—replacing members
50-45 Termination of consideration, and transfer, of a matter
50-50 Duty to disclose interests
50-55 Natural justice and rules of evidence
50-60 Decisions made at a meeting
50-65 Decisions made without a meeting
50-70 Keeping records of decisions
50-75 Inquiries by a Part 2 committee
50-80 Interviewing applicants
50-85 Interviewing liquidators—proposed cancellation of registration
50-90 Decisions on disciplinary matters
50-95 Reports of a Part 2 committee
50-100 Industry disciplinary bodies to which a Part 2 committee may disclose information
Part 3—General rules relating to external administrations
Division 60—Remuneration and other benefits received by external administrators
60-2 External administrator must not derive profit or advantage from the administration of the company—exceptions
Division 70—Information
70-1 Time for complying with reasonable requests
70-5 Notice requirements for unreasonable requests
70-10 Right of creditors to request information etc. from external administrator
70-15 Right of individual creditor to request information etc. from external administrator
70-20 Right of members to request information etc. from external administrator in a members’ voluntary winding up
70-25 Right of individual member to request information etc. from external administrator in a members’ voluntary winding up
70-30 Initial information required to be given to creditors in certain administrations
70-35 Initial remuneration notice
70-40 Report about dividends to be given in certain external administrations
70-45 Reports about remuneration to be given before remuneration determinations are made
70-50 Report about remuneration to be given by provisional liquidators
70-55 Requests for information by the Commonwealth
70-60 Reporting to ASIC
Division 75—Meetings
Subdivision A—Preliminary
75-1 Authority
Subdivision B—Convening meetings
75-5 When certain meetings must be convened
75-10 Persons to whom notice of meetings to be given
75-15 How notice of meetings to be given
75-20 Time for giving notice of meetings
75-25 Notice about voting by proxy and appointment of attorney
75-30 Time and place of meetings
75-35 Notice of electronic facilities for meetings
75-40 Notification of meetings on ASIC website
Subdivision C—Procedures at meetings
75-50 Presiding at meetings
75-70 Proposed resolutions and amendments of proposed resolutions
75-75 Participating in meetings by electronic means
75-85 Entitlement to vote at meetings of creditors
75-86 Other persons entitled to vote—persons by whom money is advanced to a company
75-87 Votes of secured creditors
75-90 Evidence relating to proof of debt
75-95 Evidence of liability for debt
75-97 Voting by proxy if financially interested
75-100 Decisions in relation to entitlement to vote at creditors’ meeting
75-105 Quorum
75-110 Voting on resolutions
75-115 When a resolution is passed at a meeting of creditors after a poll is demanded
75-120 When a resolution is passed at a meeting of contributories after a poll is demanded
75-125 Resolution about remuneration must deal only with remuneration
75-130 When a resolution is passed without a meeting of creditors
75-135 When a resolution is passed without a meeting of contributories
75-140 Adjournment of meetings of creditors
75-145 Minutes of meetings of creditors
Subdivision D—Rules about proxies and attorneys
75-150 Appointment of proxies
75-152 External administrator holding a proxy may appoint deputy
75-155 Person may attend and vote by attorney
Subdivision E—Additional rules about pooled groups
75-180 Meetings of eligible unsecured creditors
75-185 Copy of notice etc. to be given to certain creditors of the company
75-190 When is a resolution passed at a meeting—pooled groups
75-195 Directions to external administrator to convene a meeting—when reasonable and not reasonable
Subdivision F—Additional rules for particular kinds of external administration
75-225 Companies under administration—how certain meetings are convened
Subdivision G—Other rules about meetings
75-250 Directions to external administrator to convene a meeting—when reasonable and not reasonable
75-255 Notice requirements for unreasonable directions
75-265 Requirements relating to meetings to remove external administrator of a company
75-270 Substantial compliance with Division is sufficient
Division 80—Committees of inspection etc.
80-5 Eligibility and procedures
80-10 Resignation, removal and vacancies
80-15 Reasonable requests for information etc.
80-20 Time for complying with reasonable requests
80-25 Notice requirements for unreasonable requests
Division 90—Review of the external administration of a company
90-1 Authority
90-4 Appointment of reviewing liquidator by creditors etc.
90-7 Limits on reviewing remuneration, costs and expenses
90-12 Notice to be given if ASIC appoints a reviewing liquidator
90-18 Declaration of relevant relationships of proposed reviewing liquidator
90-22 Powers and duties of reviewing liquidators
90-24 Reporting by reviewing liquidators

Insolvency Practice Rules (Corporations) 2016

Legislation text