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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 90-24  APPOINTMENT OF REVIEWING LIQUIDATOR BY CREDITORS ETC.  

Appointment to carry out review

90-24(1)  

A registered liquidator may be appointed to carry out a review into either or both of the following matters:


(a) remuneration of the external administrator of the company;


(b) a cost or expense incurred by the external administrator of the company.

Appointment by resolution

90-24(2)  

The appointment may be made by resolution of:


(a) the creditors; or


(b) if the company is being wound up under a members' voluntary winding up - the company;

90-24(3)  

If the appointment is made by resolution, the resolution must specify:


(a) the remuneration, costs or expenses 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 one or more creditors or members

90-24(4)  

The appointment may be made by:


(a) one or more of the creditors; or


(b) if the company is being wound up under a members' voluntary winding up - one or more of the members.

90-24(5)  

However, an appointment may only be made under subsection (4) if the external administrator of the company agrees to the appointment.

90-24(6)  

The agreement must:


(a) be in accordance with the Insolvency Practice Rules; and


(b) specify:


(i) the remuneration, costs or expenses which the liquidator is appointed to review; and

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

Appointments by creditors etc. - limit

90-24(7)  

Despite subsection (1), a registered liquidator appointed under this section has no power to review the remuneration to which the external administrator of a company is entitled under subsection 60-5(2) (remuneration if no remuneration determinations made).

 



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