CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 45 - Court oversight of registered liquidators  

CLAUSE 45-1   COURT MAY MAKE ORDERS IN RELATION TO REGISTERED LIQUIDATORS  

45-1(1)  
The Court may make such orders as it thinks fit in relation to a registered liquidator.

45-1(2)  
The Court may exercise the power under subsection (1):


(a) on its own initiative, during proceedings before the Court; or


(b) on application under subsection (3).

45-1(3)  
Each of the following persons may apply for an order under subsection (1):


(a) the registered liquidator;


(b) ASIC.

45-1(4)  
Without limiting the matters which the Court may take into account when making orders, the Court may take into account:


(a) whether the registered liquidator has faithfully performed, or is faithfully performing, the registered liquidator ' s duties; and


(b) whether an action or failure to act by the registered liquidator is in compliance with this Act and the Insolvency Practice Rules; and


(c) whether an action or failure to act by the registered liquidator is in compliance with an order of the Court; and


(d) whether any person has suffered, or is likely to suffer, loss or damage because of an action or failure to act by the registered liquidator; and


(e) the seriousness of the consequences of any action or failure to act by the registered liquidator, including the effect of that action or failure to act on public confidence in registered liquidators as a group.

45-1(5)  
This section does not limit the Court ' s powers under any other provision of this Act, or under any other law.


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