AYB340 Lecture Notes - Lecture 12: Corporations Act 2001, Secured Creditor, Unlimited Company
Document Summary
Learning objective 1 insolvency and receivership: first form of external administration prescribed by the corporations act, is to appoint a receiver, receiver manager or other controller. The receiver has great power and must be a registered liquidator. Insolvency and administration: administration is the second form prescribed in the corporations act of placing the control of a company in the hands of external parties when it faces financial difficulties. Winding-up in insolvency and by the court parts 5. 4-5. 4b and 5. 6 of the. Voluntary winding-up by members or creditors parts 5. 5 and 5. 6 of the. Act: note: accounting entries are the same in both cases. Similar to report as to affairs" a declaration of solvency (including a statement of affairs") - form. 1292-3) liquidator is appointed by the company in a general meeting (s. Learning objective 4 powers and duties of a liquidator- wound-up by the court: when a company is being wound-up by the court, the powers of the liquidator include:
