5Chapter 5 provisions to be disregarded

5 Chapter 5 provisions to be disregarded

5 Chapter 5 provisions to be disregarded

(1) A provision in Chapter 5 that is solely about a prescribed matter is to be disregarded.

(2) A reference to a prescribed matter in a provision in Chapter 5 that also deals with other matters is to be disregarded.

(3) The following are prescribed matters—

(a) shares of the company or buy-back agreements,

(b) dividends or debts owed to members,

(c) floating charges or debentures,

(d) contributories or promoters,

(e) winding up in insolvency, winding up by creditors or contributories or winding up on the application of a liquidator,

(f) insolvent trading, insolvent transactions and declarations of solvency,

(g) the distribution of surplus property,

(h) arrangements or reconstructions, including compromises with creditors,

(i) receivers, managers or other controllers, of property of corporations,

(j) the administration of a company’s affairs, including administration with a view to executing a deed of company arrangement,

(k) subsidiaries, related entities, related bodies corporate, pooled groups or pooling or holding companies,

(l) serving documents on a company,

(m) directors’ duties to prevent insolvent trading, directors’ liability to compensate the company and the election of directors,

(n) co-operation between Australian and foreign courts in external administration matters,

(o) offences,

(p) employee entitlements other than those under the Corporations Act, section 558,

(q) the application of, and liability under, the Criminal Code set out in the Schedule to the Criminal Code Act 1995 of the Commonwealth,

(r) electronic notification,