Corporations Act 2001
CHAPTER 5
-
EXTERNAL ADMINISTRATION
PART 5.3A
-
ADMINISTRATION OF A COMPANY
'
S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT
(a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(b) an administrator of the company should be appointed. 436A(2) [ Limitation]
Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .
Division 2
-
Appointment of administrator and first meeting of creditors
SECTION 436A
COMPANY MAY APPOINT ADMINISTRATOR IF BOARD THINKS IT IS OR WILL BECOME INSOLVENT
436A(1)
[
How company may appoint administrator]
A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:
(a) in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(b) an administrator of the company should be appointed. 436A(2) [ Limitation]
Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.