ON
FRIDAY, MAY 18, 1990
WATCH
"WHILE THIS IS A LEGITIMATE COURSE FOR CREDITORS AND ONE
THE OPERATION OF SECTION OF ITSELF SHOULD NOT RULE OUT CONVERSION,
THE SPOKESMAN SAID. 209A IS DEEMED TO BE UNSATISFACTORY,"
"IT
KNOWLEDGE
THAT
IF MAINLY STEMS FROM THE CREDITORS'
A ANY
PAYABLE TO
SECTOR FEES TAKES
PRIVATE PLACE, CONVERSION
LESS THAN LIQUIDATOR, WHO CHARGES FEES ON A TIME-COST BASIS, WILL BE
OF IDENTIFYING THE FEES PAYABLE TO THE OR AS THE TIME CONSUMING WORK ASSETS HAS ALREADY BEEN DONE BY THE OR.
OPPORTUNITY "THIS SECTION IN EFFECT PROVIDES CREDITORS WITH AN
AS ΤΟ TO SEEK CONVERSION JUST BEFORE THE REALISATION OF ASSETS SO AVOID FEES PAYABLE TO THE OR FOR INVESTIGATORY WORK DONE BARLIER.
"THE BILL
THEREFORE PROPOSES
REQUIRING ANY APPLICATION FOR CONVERSION PERIOD, THE SPOKESMAN SAID.
ΤΟ
THIS
BY REMEDY
WEAKNESS TO BE MADE WITHIN A SET
PROPOSED
PERIOD WILL GIVE ON THE BEST WAY
"WE BELIEVE THE THREE-MONTH SUFFICIENT TIME FOR CREDITORS TO REACH A DECISION FORWARD AND TO PREPARE THE NECESSARY DOCUMENTS," HE ADDED.
HAS
TO HAVE REGARD TO VARIOUS THE BILL ALSO REQUIRES THE COURT
IN DECIDING WHETHER AN MATTERS RELATING
THE PUBLIC INTEREST TO APPLICATION SHOULD BE ACCEPTED, FOR EXAMPLE, WHETHER OR NOT THERE BEEN AN INVESTIGATION, PROSECUTION OR CONVICTION OF OFFICERS COMPANY FOR FRAUD.
OF THE
TAKE INTO ACCOUNT
APPLICATIONS,
"AT PRESENT, THE COURT IS ONLY REQUIRED TO THE WISHES OF CREDITORS AND CONTRIBUTORIES IN DECIDING HE SAID.
WENT INTO
THE BILL ALSO PROVIDES CREDITORS OF COMPANIES WHICH LIQUIDATION AFTER AUGUST 30, 1984, THE EFFECTIVE DATE OF SECTION 209A, WITH A FURTHER THREE-MONTH GRACE PERIOD FROM THE COMMENCEMENT OF THE PRESENT BILL TO APPLY FOR CONVERSION UNDER THE PRESENT PROCEDURE.
"NO GRACE
WILL PERIOD
COMPANIES WHICH WENT INTO LIQUIDATION ADDED.
CREDITORS
17
OF
HOWEVER
BE
TO GIVEN
AUGUST BEFORE
30, 1984," HE
RIGHT
AS
"FOR THESE
CASES THE
BY GRANTED FOR CONVERSION
MAKING THE SECTION 209A COULD NOT HAVE BEEN ENVISAGED AT THE TIME OF
PASSED PETITION TO WIND UP THE COMPANY; AND MORE THAN FIVE YEARS HAVE
RIGHT SUBSEQUENTLY GRANTED, IN WHICH THEY COULD HAVE EXERCISED THE THE SPOKESMAN SAID.
THE BILL WILL BE INTRODUCED INTO
THE
LEGISLATIVE COUNCIL
ON
MAY 30.
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