Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p59
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 59/110)
Character Range: 302275–305054

the following paragraphs:

     "(a) a disposition made by the liquidator, or by a provisional liquidator, of the company pursuant to a power conferred on him or her by:

       (i) this Law; or,

      (ii) rules of the Court that appointed him or her; or

      (iii) an order of the Court; or

     (k)        a disposition made in good faith by, or with the consent of, an administrator of the company; or

     (l)          a disposition under a deed of company arrangement executed by the company; or".

Insertion of Division heading

66. After section 470 of the Corporations Law the following heading is inserted:

"Division 1A—Effect of winding up order".

Effect on creditors and contributories

67.     Section 471 of the Corporations Law is amended by omitting subsection (2).

68.     After section 471 of the Corporations Law the following sections are inserted in Division 1A of Part 5.4B:

Powers of other officers suspended during winding up

"471A.(1) While a company is being wound up in insolvency or by the Court, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

    (a)     as a liquidator appointed for the purposes of the winding up; or

    (b)     as an administrator appointed for the purposes of an administration of the company beginning after the winding up order was made; or

  (c)     with the liquidator's written approval; or

  (d)     with the approval of the Court.

"(2) While a provisional liquidator of a company is acting, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

  (a)     as a provisional liquidator of the company; or

    (b)     as an administrator appointed for the purposes of an administration of the company beginning after the provisional liquidator was appointed; or

  (c)     with the provisional liquidator's written approval; or

  (d)     with the approval of the Court.

"(3) This section does not remove an officer of a company from office.

"(4) For the purposes of this section, a person is not an officer of a company merely because he or she is:

     (a)     a receiver and manager, appointed under a power contained in an instrument, of property of the company; or

   (b)     an employee of the company.

Stay of proceedings and suspension of enforcement process

"471B. While a company is being wound up in insolvency or by the Court, or a provisional liquidator of a company is acting, a person cannot begin or proceed with:

    (a)     a proceeding in a court against the company or in relation to property of the company; or

  (b)     enforcement process in relation to such property;

except with the leave of