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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 449CA  DECLARATIONS BY ADMINISTRATOR - INDEMNITIES AND RELEVANT RELATIONSHIPS  

 View history reference

Scope

449CA(1)  

This section applies to an administrator appointed under subsection 449C(1) otherwise than by the Court.

Declaration of relationships and indemnities

449CA(2)  

As soon as practicable after being appointed, the administrator must make:


(a) a declaration of relevant relationships; and


(b) a declaration of indemnities.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Notification of creditors

449CA(3)  

The administrator must:


(a) give a copy of each declaration under subsection (2) to as many of the company's creditors as reasonably practicable; and


(b) do so at the same time as the administrator gives those creditors notice of the meeting convened under subsection 449C(4).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

449CA(4)  

The administrator must table a copy of each declaration under subsection (2) at the meeting convened under subsection 449C(4).

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

449CA(4A)  

As soon as practicable after making a declaration under subsection (2), the administrator must lodge a copy of the declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Updating of declaration

449CA(5)  

If:


(a) at a particular time, the administrator makes:


(i) a declaration of relevant relationships; or

(ii) a declaration of indemnities;
under subsection (2) or this subsection; and


(b) at a later time:


(i) the declaration has become out-of-date; or

(ii) the administrator becomes aware of an error in the declaration;

the administrator must, as soon as practicable, make:


(c) if subparagraph (a)(i) applies - a replacement declaration of relevant relationships; or


(d) if subparagraph (a)(ii) applies - a replacement declaration of indemnities.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

449CA(6)  

The administrator must table a copy of a replacement declaration under subsection (5):


(a) if:

(i) there is a committee of inspection; and

(ii) the next meeting of the committee of inspection occurs before the next meeting of the company's creditors;
at the next meeting of the committee of inspection; or
 View history reference

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


(b) in any other case - at the next meeting of the company's creditors.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

449CA(6A)  

 View history reference
As soon as practicable after making a replacement declaration under subsection (5), the administrator must lodge a copy of the replacement declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Defence

449CA(7)  

In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that:


(a) the defendant made reasonable enquiries; and


(b) after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.


 



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