Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p47
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 47/110)
Character Range: 272474–275109

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 an administrator or liquidator of, or an administrator of a deed of company arrangement executed by, a body corporate related to the company); or

    (d)     the person is an officer of a body corporate that is a mortgagee of property of the company; or

  (e)     the person is an auditor of the company; or

     (f)     the person is a partner or employee of an auditor of the company; or

     (g)    the person is a partner, employer or employee of an officer of the company; or

    (h) the person is a partner or employee of an employee of an officer of the company.

"(2) The reference in paragraph (1)(a) to indebtedness to a body corporate does not, in relation to indebtedness of a natural person, include a reference to indebtedness of that person to a body corporate that is a prescribed corporation for the purposes of Part 4.5 where:

    (a)     the indebtedness arose as a result of a loan made to that person by the body corporate in the ordinary course of its ordinary business; and

    (b)     the amount of that loan was used by the person to pay the whole or part of the purchase price of premises used by the person as his or her principal place of residence.

"(3) For the purposes of subsection (1), a person is taken to be an officer or auditor of a company if:

    (a)     the person is an officer or auditor of the company or of a related body corporate; or

    (b)     except where the Commission, if it thinks fit in the circumstances of the case, directs that this paragraph not apply in relation to the person—the person has, within the last 2 years, been an officer, auditor or promoter of the company or of a related body corporate.

Disqualification of insolvent under administration

"448D. A person must not consent to be appointed, and must not act, as administrator of a company or of a deed of company arrangement if he or she is an insolvent under administration.

"Division 15—Removal, replacement and remuneration of administrator

Appointment of administrator cannot be revoked

"449A. The appointment of a person as administrator of a company or of a deed of company arrangement cannot be revoked.

Court may remove administrator

"449B. On the application of the Commission or of a creditor of the company concerned, the Court may:

    (a)     remove from office the administrator of a company under administration or of a deed of company arrangement;