Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Division 4 - The restructuring practitioner  

Subdivision C - Rights, obligations and liabilities in relation to the restructuring practitioner  

SECTION 456J   456J   RIGHT OF INDEMNITY  


A person who is or has been the restructuring practitioner for a company under restructuring is entitled to be indemnified out of the company ' s property (other than any PPSA retention of title property subject to a PPSA security interest that is perfected within the meaning of the Personal Property Securities Act 2009 ) for:

(a)  any debts or liabilities incurred, or damages or losses sustained, in good faith and without negligence, by the restructuring practitioner:


(i) in the performance or purported performance of the restructuring practitioner ' s functions or duties; or

(ii) in the exercise or purported exercise of the restructuring practitioner ' s powers; and

(b)  the remuneration to which the restructuring practitioner is entitled under Insolvency Practice Rules made under Subdivision DA of Division 60 of Schedule 2 .


 

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