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Superseded version

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F2017C00915 (C01)

01 September 2017 - 06 December 2018

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

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