Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 90 - Review of the external administration of a company  

Subdivision C - Review by another registered liquidator  

CLAUSE 90-23   APPOINTMENT OF REVIEWING LIQUIDATOR BY ASIC OR THE COURT   Appointment by ASIC

90-23(1)  
A registered liquidator may be appointed by ASIC to carry out a review into a matter that relates to the external administration of the company, if ASIC considers it appropriate to do so.

90-23(2)  
ASIC may exercise the power under subsection (1):


(a) on its own initiative; or


(b) on application by a person with a financial interest in the external administration of the company; or


(c) on the application of an officer of the company.

90-23(3)  
An application under paragraph (2)(b) or (c) must be lodged with ASIC in the approved form.

90-23(4)  
Paragraph (2)(c) has effect despite section 198G .

Note: Section 198G deals with powers of officers etc. while a company under external administration.

90-23(5)  
If ASIC appoints a registered liquidator to carry out a review, ASIC must specify:


(a) the matters in relation to the external administration of the company which the liquidator is appointed to review; and


(b) the way in which the cost of carrying out the review is to be determined.

90-23(5A)  


Subsections (1) to (5) do not apply to:

(a)  a company under restructuring; or

(b)  a company that has made a restructuring plan that has not yet terminated.

Appointment by the Court

90-23(6)  
A registered liquidator may be appointed by the Court to carry out a review into a matter that relates to the external administration of the company.

90-23(7)  
The Court may exercise the power under subsection (6):


(a) on application under subsection (8); and


(b) if the Court considers it appropriate to do so.

90-23(8)  
Either of the following may make an application under this subsection:


(a) ASIC;


(b) a person with a financial interest in the external administration of the company.

90-23(9)  
If the Court appoints a registered liquidator to carry out a review, the Court must specify:


(a) the matters in relation to the external administration of the company which the liquidator is appointed to review; and


(b) the way in which the cost of carrying out the review is to be determined. Appointments by ASIC or by the Court - limit

90-23(10)  
A matter referred to in paragraph (5)(a) or (9)(a) must not relate to remuneration which an external administrator of the company is entitled to receive under subsection 60-5(2) (remuneration if no remuneration determinations made).


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.