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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 90-26  REVIEW  

Review - general

90-26(1)  

If a reviewing liquidator is appointed under this Subdivision in relation to a matter, the reviewing liquidator must carry out a review into that matter.

Reviews relating to remuneration, costs or expenses

90-26(2)  

If the matter is, or includes, remuneration of the external administrator of the company, the review may (but need not) include an assessment of whether the remuneration is reasonable.

90-26(3)  

If the matter is, or includes, a cost or expense incurred by the external administrator of the company, the review must include an assessment of whether the cost or expense was properly incurred by the external administrator.

Note: Insolvency Practice Rules made under section 90-29 may provide for the meaning of properly incurred.

90-26(4)  

A reviewing liquidator must not review:


(a) remuneration of an external administrator of the company that relates to a period; or


(b) a cost or expense incurred by the external administrator of the company incurred during a period;

unless the period is:


(c) for a reviewing liquidator appointed by the Court under paragraph 90-28(2)(c) or (3)(b) - the period determined by the Court; or


(d) otherwise - the prescribed period.

Report of review

90-26(5)  

A reviewing liquidator must prepare a report on the review.

 



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