Business Trusts Act 2004 · 2020 Revised Edition · Part 7 · Winding Up of Registered Business Trust
48. Court may make other orders for winding up
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The court may, by order, appoint a licensed insolvency practitioner to take responsibility for winding up a registered business trust in accordance with the trust deed of the registered business trust and any order mentioned in subsection (2) if the court thinks it necessary to do so for reasons including the cessation of the trustee‑manager of the registered business trust to exist or the failure of the trustee‑manager to properly discharge its obligations in relation to the winding up, and upon such appointment by the court and despite any provision in the trust deed, the trustee‑manager no longer has any authority or power to wind up the registered business trust.
licensed insolvency practitioner
“licensed insolvency practitioner” has the meaning given by section 2(1) of the Insolvency, Restructuring and Dissolution Act 2018;
The court may, by order, give directions as to —
the procedures for the winding up of a registered business trust if the court thinks it necessary to do so for reasons including the inadequacy or impracticability of the provisions in the trust deed of the registered business trust; and
the powers, duties, obligations and remuneration of the liquidator of a registered business trust.
An order mentioned in subsection (1) or (2) may be made on the application of —
the trustee‑manager of a registered business trust;
a director of the trustee‑manager of a registered business trust;
a unitholder of a registered business trust;
the Authority; or
a creditor of a registered business trust.
An order mentioned in subsection (2) may be made on the application of the liquidator of a registered business trust.
liquidator
“liquidator”, in relation to a registered business trust, means the person appointed under section 48(1) to take responsibility for winding up the registered business trust or the Official Receiver when acting as liquidator of the registered business trust;
Upon the completion of the winding up of a registered business trust by a liquidator, the liquidator must give written notice of the completed winding up to the Authority within 2 business days of the completion.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.