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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 15 - Removal and replacement of administrator  

[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[129] apply in relation to external administrations on and after 1 September 2017.]

SECTION 449C  VACANCY IN OFFICE OF ADMINISTRATOR OF COMPANY  

449C(1)  

Where the administrator of a company under administration:


(a) dies; or


(b) becomes prohibited from acting as administrator of the company; or


(c) resigns by notice in writing given to his or her appointer and to the company;

his or her appointer may appoint someone else as administrator of the company.

449C(2)  

 View history reference
In subsection (1):

appointer , in relation to the administrator of a company under administration, means:


(a) if the administrator was appointed by the Court under Division 90 of Schedule 2 (review of the external administration of a company) or subsection (6) of this section - the Court; or


(b) otherwise:


(i) if the administration began because of an appointment under section 436A - the company; or

(ii) if the administration began because of an appointment under section 436B - a liquidator or provisional liquidator of the company; or

(iii) if the administration began because of an appointment under section 436C - a person who is entitled, or would apart from section 440B or 441D be entitled, to enforce the security interest.

[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[131] apply in relation to external administrations on and after 1 September 2017.]

449C(3)  

An appointment under subsection (1) by the company under administration must be made pursuant to a resolution of the board.

449C(4)  

Within 5 business days after being appointed under subsection (1) as administrator of a company otherwise than by the Court, a person must convene a meeting of the company's creditors so that they may:


(a) determine whether to remove the person from office; and


(b) if so, appoint someone else as administrator of the company.

449C(5)  

(Repealed by No 11 of 2016, s 3, Sch 2[132] (effective 1 March 2017).)

[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[132] apply in relation to external administrations on and after 1 September 2017.]

449C(6)  

Where a company is under administration, but for some reason no administrator is acting, the Court may appoint a person as administrator on the application of ASIC or of an officer, member or creditor of the company.

449C(7)  

 View history reference
Subsections (3) and (6) have effect despite section 198G.

[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[133] apply in relation to external administrations on and after 1 September 2017.]


 



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