In forceAmended2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 10A · Simplified Winding Up

250K. Commencement of simplified winding up programme and effect

Amended

Last amended by an amending law of 2025.

(1)

When the nominated liquidator (including any substitute liquidator) assesses that the requirements in section 250F(1)(a) to (c) are met, the nominated liquidator must —

(a)

publish a notice of the company’s entry into the simplified winding up programme on the designated website; and

(b)

lodge with the Registrar of Companies a notice of the company’s entry into the simplified winding up programme.

(2)

The simplified winding up programme for the company is deemed to commence on the date of the events mentioned in subsection (1)(a) and (b) or, if they occur on different dates, the later of those dates.

(3)

For the purposes of paragraph (e) of the definition of “commencement of the winding up” in section 217(1), the time of commencement of the simplified winding up programme referred to in subsection (2) is deemed to be the time of the passing of the resolution for voluntary winding up.

(4)

The voluntary winding up of the company under the simplified winding up programme is to be treated as if it were a creditors’ voluntary winding up.

(5)

The appointment of the nominated liquidator (including any substitute liquidator) as liquidator of the company is deemed to take effect upon the commencement of the simplified winding up programme for the company and is on the terms and the remuneration approved at the meeting mentioned in section 250D(1) or 250G(2), as the case may be.

Terms defined in this Act

commencement of the winding up
Defined · s 217
“commencement of the winding up”, in relation to a company, means —(a)in a case where the company is being wound up under an order of the Court made at a time when the company was being wound up voluntarily — the time of the commencement of the voluntary winding up as determined in accordance with paragraph (d) or (e);(b)in a case where a company is being wound up under an order of the Court on an application made while the company was in judicial management — the time of the commencement of the judicial management as determined in accordance with this section;(c)in a case where a company is being wound up under an order of the Court in any other case — the time of the making of the winding up application;(d)in a case where the company is being wound up voluntarily and a provisional liquidator has been appointed before the resolution for voluntary winding up was passed — the time when the declaration mentioned in section 161(1) was lodged with the Registrar of Companies; or(e)in any other case where the company is being wound up voluntarily — the time of the passing of the resolution for voluntary winding up.
Open s 217
company
Defined · s 2
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
designated website
Defined · s 72A
“designated website” means the Internet website prescribed by regulations made under section 72V for the purpose of publishing notices to creditors and other persons under this Part;
Open s 72A
liquidator
Defined · s 2
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
Open s 2
Registrar of Companies
Defined · s 2
“Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies;
Open s 2
resolution for voluntary winding up
Defined · s 61
“resolution for voluntary winding up” means the resolution mentioned in section 160;
Open s 61
simplified winding up programme
Defined · s 250A
“simplified winding up programme” means the programme established under section 250C.
Open s 250A