Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p46
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 46/110)
Character Range: 270048–272704

or deed

"447E.(1) Where the Court is satisfied that the administrator of a company under administration, or of a deed of company arrangement:

    (a)     has managed, or is managing, the company's business, property or affairs in a way that is prejudicial to the interests of some or all of the company's creditors or members; or

    (b)     has done an act, or made an omission, or proposes to do an act, or to make an omission, that is or would be prejudicial to such interests;

the Court may make such order as it thinks just.

  "(2) Where the Court is satisfied that:

  (a) a company is under administration but:

         (i) there is a vacancy in the office of administrator of the company; or

      (ii) no administrator of the company is acting; or

  (b) a deed of company arrangement has not yet terminated but:

         (i) there is a vacancy in the office of administrator of the deed; or

      (ii) no administrator of the deed is acting;

the Court may make such order as it thinks just.

"(3) An order may only be made on the application of the Commission or of a creditor or member of the company.

Effect of Division

"447F. Nothing in this Division limits the generality of anything else in it.

"Division 14—Qualifications of administrators

Appointee must consent

"448A. A person cannot be appointed as administrator of a company or of a deed of company arrangement unless:

  (a)     the person has consented in writing to the appointment; and

    (b)     as at the time of the appointment, the person has not withdrawn the consent.

Administrator must be registered liquidator

"448B. A person must not consent to be appointed, and must not act, as administrator of a company or of a deed of company arrangement unless he or she is a registered liquidator.

Disqualification of person connected with company

"448C.(1) Subject to this section, a person must not, except with the leave of the Court, seek or consent to be appointed as, or act as, administrator of a company or of a deed of company arrangement if:

    (a)     the person, or a body corporate in which the person is a substantial shareholder for the purposes of Part 6.7, is indebted in an amount exceeding $5,000 to the company or to a body corporate related to the company; or

    (b)     the person is, otherwise than in a capacity as administrator or liquidator of, or as administrator of a deed of company arrangement executed by, the company or a related body corporate, a creditor of the company or of a related body corporate in an amount exceeding $5,000; or

    (c)     the person is an officer of the company (otherwise than because of being