CORPORATIONS ACT 2001
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
|Division 65 - Funds handling
The Court may, on application, give directions regarding the payment, deposit or custody of:
(a) money; and
(b) negotiable instruments and other securities;
that are payable to, or held by, an external administrator of a company.
The Court may, on application, give directions authorising the external administrator of a company to make payments into and out of a special bank account.
Without limiting subsection (2), the Court may:
(a) authorise the payments for the time and on the terms it thinks fit; and
(b) if the Court thinks the account is no longer required - at any time order it to be closed.
A copy of an order under paragraph (3)(b) must be served by the external administrator on the bank with which the special bank account was opened.
An application under this section may be made by:
(a) any person with a financial interest in the external administration of the company; or
(b) an officer of the company.
Paragraph (5)(b) has effect despite section 198G.
Note: Section 198G deals with powers of officers etc. while a company is under external administration.