THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 13 - Powers of Court

SECTION 447E   SUPERVISION OF ADMINISTRATOR OF COMPANY OR DEED  

447E(1)  [Administrator's actions prejudicial to creditors, etc]  

Where the Court is satisfied that the administrator of a company under administration, or of a deed of company arrangement:

(a)  has managed, or is managing, the company's business, property or affairs in a way that is prejudicial to the interests of some or all of the company's creditors or members; or

(b)  has done an act, or made an omission, or proposes to do an act, or to make an omission, that is or would be prejudicial to such interests;

the Court may make such order as it thinks just.

447E(2)  [Vacancy in office of administrator]  

Where the Court is satisfied that:

(a)  a company is under administration but:

(i) there is a vacancy in the office of administrator of the company; or

(ii) no administrator of the company is acting; or

(b)  a deed of company arrangement has not yet terminated but:

(i) there is a vacancy in the office of administrator of the deed; or

(ii) no administrator of the deed is acting;

the Court may make such order as it thinks just.

447E(3)  [Who may apply for order]  

An order may only be made on the application of the Commission or of a creditor or member of the company.