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  

Division 2 - Appointment of administrator and first meeting of creditors  

SECTION 436B   LIQUIDATOR MAY APPOINT ADMINISTRATOR  

436B(1)   [ Appointment in writing]  

A liquidator or provisional liquidator of a company may by writing appoint an administrator of the company if he or she thinks that the company is insolvent, or is likely to become insolvent at some future time.

436B(2)   [ Conditions for appointment]  

A liquidator or provisional liquidator of a company must not appoint any of the following persons under subsection (1):


(a) himself or herself;


(b) if he or she is a partner of a partnership - a partner or employee of the partnership;


(c) if he or she is an employee - his or her employer;


(d) if he or she is an employer - his or her employee;


(e) if he or she is a director, secretary, employee or senior manager of a corporation - a director, secretary, employee or senior manager of the corporation;

unless:


(f) at a meeting of the company ' s creditors, the company ' s creditors pass a resolution approving the appointment; or


(g) the appointment is made with the leave of the Court.

436B(3)  


(Repealed by No 132 of 2007, s 3, Sch 4, Pt 1 [ 3] (effective 31 December 2007).)

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