Corporations Act 2001
SCHEDULE 2
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INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
The creditors of a company under external administration (other than a members ' voluntary winding up) may, by resolution, give directions to the external administrator of the company in relation to the external administration.
85-5(2)
An external administrator of a company must have regard to any directions mentioned in subsection (1), but the external administrator is not required to comply with such directions.
85-5(3)
If the external administrator does not comply with a direction, the external administrator must make a written record of that fact, along with the external administrator ' s reasons for not complying with the direction.
85-5(4)
If there is a conflict between directions given by the creditors under subsection (1) and by the committee of inspection under section 80-35 , directions given by the creditors override any directions given by the committee.
Note: See section 600K .
PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 85 - Directions by creditors CLAUSE 85-5 EXTERNAL ADMINISTRATOR TO HAVE REGARD TO DIRECTIONS GIVEN BY CREDITORS 85-5(1)The creditors of a company under external administration (other than a members ' voluntary winding up) may, by resolution, give directions to the external administrator of the company in relation to the external administration.
85-5(2)
An external administrator of a company must have regard to any directions mentioned in subsection (1), but the external administrator is not required to comply with such directions.
85-5(3)
If the external administrator does not comply with a direction, the external administrator must make a written record of that fact, along with the external administrator ' s reasons for not complying with the direction.
85-5(4)
If there is a conflict between directions given by the creditors under subsection (1) and by the committee of inspection under section 80-35 , directions given by the creditors override any directions given by the committee.
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