CORPORATIONS ACT 2001
This section applies where an instrument is prepared under section 444A. 444B(2)
The company must execute the instrument within:
(a) 15 business days after the end of the meeting of creditors; or
(b) such further period as the Court allows on an application made within those 15 business days.
The board of the company may, by resolution, authorise the instrument to be executed by or on behalf of the company. 444B(4)
Subsection (3) has effect despite section 198G , but does not limit the functions and powers of the administrator of the company.
[ CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2 apply in relation to external administrations on and after 1 September 2017.]
The proposed administrator of the deed must execute the instrument before, or as soon as practicable after, the company executes it.
When executed by both the company and the deed's proposed administrator, the instrument becomes a deed of company arrangement.
Division 12 provides for consequences of the company contravening subsection (2).
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