Lost in Transition: Section 447A and the question of members' rights when a company transitions from voluntary administration to a creditors' voluntary liquidation

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dc.contributor.author Harris, J
dc.contributor.author Gordon, B
dc.date.accessioned 2010-05-28T09:57:03Z
dc.date.issued 2005-01
dc.identifier.citation Insolvency Law Journal, 2005, 13 (2), pp. 96 - 110
dc.identifier.issn 1039-3293
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/10529
dc.description.abstract One of the benefits of voluntary administration under Pt 5.3A of the Corporations Act 2001 (Cth) is that it allows for a smooth transition from administration to a creditors' voluntary liquidation, particularly when the company cannot be returned to profitability by either the period of voluntary administration or under a subsequent deed of company arrangement. However, recent cases have posed the question as to the nature of the creditors' voluntary winding up into which insolvent companies transfer. This article examines these cases and argues that the transitional provisions in Pt 5.3A do not alter the substance of the subsequent creditors' voluntary liquidation, but rather merely provide an efficient gateway into a separate form of external administration. The scope and effect of the transitional arrangements between voluntary administration and creditors' voluntary liquidation is important because it frames the court's power to grant orders under s 447A. The authors argue that whilst s 447A orders may properly be made to give effect to the purposes of Pt 5.3A, they should not be made where the order dispenses with membership rights ordinarily accruing under voluntary liquidation.
dc.publisher Lawbook Co
dc.subject Corporate insolvency, voluntary administration, voluntary liquidation, members' rights
dc.subject Corporate insolvency, voluntary administration, voluntary liquidation, members' rights
dc.title Lost in Transition: Section 447A and the question of members' rights when a company transitions from voluntary administration to a creditors' voluntary liquidation
dc.type Journal Article
dc.parent Insolvency Law Journal
dc.journal.volume 2
dc.journal.volume 13
dc.journal.number 2 en_US
dc.publocation Australia en_US
dc.identifier.startpage 96 en_US
dc.identifier.endpage 110 en_US
dc.cauo.name LAW.Faculty of law en_US
dc.conference Verified OK en_US
dc.for 180199 Law Not Elsewhere Classified
dc.for 180109 Corporations and Associations Law
dc.personcode 996775 en_US
dc.personcode 0000032330 en_US
dc.percentage 50 en_US
dc.classification.name Corporations and Associations Law en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Corporate insolvency, voluntary administration, voluntary liquidation, members' rights en_US
dc.description.keywords Corporate insolvency, voluntary administration, voluntary liquidation, members' rights
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Law
pubs.organisational-group /University of Technology Sydney/Strength - Law Research


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