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  

SECTION 90-24   APPOINTMENT OF REVIEWING LIQUIDATOR BY CREDITORS ETC.  
Appointment to carry out review

90-24(1)    
A registered liquidator may be appointed to carry out a review into either or both of the following matters:

(a) remuneration of the external administrator of the company;

(b) a cost or expense incurred by the external administrator of the company.

Appointment by resolution

90-24(2)    
The appointment may be made by resolution of:

(a) the creditors; or

(b) if the company is being wound up under a members ' voluntary winding up - the company;

90-24(3)    
If the appointment is made by resolution, the resolution must specify:

(a) the remuneration, costs or expenses which the liquidator is appointed to review; and

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

Appointment by one or more creditors or members

90-24(4)    
The appointment may be made by:

(a) one or more of the creditors; or

(b) if the company is being wound up under a members ' voluntary winding up - one or more of the members.

90-24(5)    
However, an appointment may only be made under subsection (4) if the external administrator of the company agrees to the appointment.

90-24(6)    
The agreement must:

(a) be in accordance with the Insolvency Practice Rules; and

(b) specify:

(i) the remuneration, costs or expenses which the liquidator is appointed to review; and

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

Appointments by creditors etc. - limit

90-24(7)    
Despite subsection (1), a registered liquidator appointed under this section has no power to review the remuneration to which the external administrator of a company is entitled under subsection 60-5(2) (remuneration if no remuneration determinations made).

Restructuring and restructuring plans

90-24(8)    

This section does not apply to:

(a)    a company under restructuring; or

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