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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT  

Division 3 - General powers of Court  

Subdivision A - General powers  

SECTION 488  DELEGATION TO LIQUIDATOR OF CERTAIN POWERS OF COURT  

488(1)  

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Provision may be made by rules or regulations for enabling or requiring all or any of the powers and duties conferred and imposed on the Court by this Part or Schedule 2 in respect of:


(a) the holding and conducting of meetings to ascertain the wishes of creditors and contributories; and


(b) the paying, delivery, conveyance, surrender or transfer of money, property or books to the liquidator; and


(c) the adjusting of the rights of contributories among themselves and the distribution of any surplus among the persons entitled to it; and


(d) the fixing of a time within which debts and claims must be proved;

to be exercised or performed by the liquidator as an officer of the Court and subject to the control of the Court.

[CCH Note: Regulation 10.25.02(3)(h) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[154] apply in relation to external administrations on and after 1 September 2017.]

488(2)  

Despite anything in rules or regulations made for the purposes of subsection (1), a liquidator may distribute a surplus only with the Court's special leave.

 



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