A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

Note: See section 600K.

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 90 - Review of the external administration of a company  

Subdivision C - Review by another registered liquidator  

CLAUSE 90-23  APPOINTMENT OF REVIEWING LIQUIDATOR BY ASIC OR THE COURT  

Appointment by ASIC

90-23(1)  

A registered liquidator may be appointed by ASIC to carry out a review into a matter that relates to the external administration of the company, if ASIC considers it appropriate to do so.

90-23(2)  

ASIC may exercise the power under subsection (1):


(a) on its own initiative; or


(b) on application by a person with a financial interest in the external administration of the company; or


(c) on the application of an officer of the company.

90-23(3)  

An application under paragraph (2)(b) or (c) must be lodged with ASIC in the approved form.

90-23(4)  

Paragraph (2)(c) has effect despite section 198G.

Note: Section 198G deals with powers of officers etc. while a company under external administration.

90-23(5)  

If ASIC appoints a registered liquidator to carry out a review, ASIC must specify:


(a) the matters in relation to the external administration of the company which the liquidator is appointed to review; and


(b) the way in which the cost of carrying out the review is to be determined.

Appointment by the Court

90-23(6)  

A registered liquidator may be appointed by the Court to carry out a review into a matter that relates to the external administration of the company.

90-23(7)  

The Court may exercise the power under subsection (6):


(a) on application under subsection (8); and


(b) if the Court considers it appropriate to do so.

90-23(8)  

Either of the following may make an application under this subsection:


(a) ASIC;


(b) a person with a financial interest in the external administration of the company.

90-23(9)  

If the Court appoints a registered liquidator to carry out a review, the Court must specify:


(a) the matters in relation to the external administration of the company which the liquidator is appointed to review; and


(b) the way in which the cost of carrying out the review is to be determined.

Appointments by ASIC or by the Court - limit

90-23(10)  

A matter referred to in paragraph (5)(a) or (9)(a) must not relate to remuneration which an external administrator of the company is entitled to receive under subsection 60-5(2) (remuneration if no remuneration determinations made).

 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page