21Winding up under this Part

21 Winding up under this Part

21 Winding up under this Part

(1) During the winding up period for a liable entity—

(a) any winding up of the entity is to be conducted only in accordance with the provisions of this Part, and

(b) no proceedings may be brought or continued in a court or other tribunal for the winding up of the entity otherwise than in accordance with the provisions of this Part.

(2) Nothing in this Part is intended to prevent or limit any liable entity or any of its directors or other officers from providing assistance to ASIC.

(3) In this section, winding up means any scheme of arrangement, receivership, winding up or other kind of external administration.