Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p48
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 48/110)
Character Range: 274855–277796

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; and

  (b)     appoint someone else as administrator of the company or deed.

Vacancy in office of administrator of company

"449C.(1) Where the administrator of a company under administration:

  (a)     dies; or

     (b)     becomes prohibited from acting as administrator of the company; or

     (c)     resigns by notice in writing given to his or her appointer and to the company;

his or her appointer may appoint someone else as administrator of the company.

  "(2) In subsection (1):

'appointer', in relation to the administrator of a company under administration, means:

    (a)     if the administrator was appointed by the Court under section 449B or subsection (6) of this section—the Court; or

  (b)     otherwise:

         (i) if the administration began because of an appointment under section 436A—the company; or

         (ii) if the administration began because of an appointment under section 436B—a liquidator or provisional liquidator of the company; or

         (iii) if the administration began because of an appointment under section 436C—a person who is entitled, or would apart from section 440B or 441D be entitled, to enforce the charge.

"(3) An appointment under subsection (1) by the company under administration must be made pursuant to a resolution of the board.

"(4) Within 5 business days after being appointed under subsection (1) as administrator of a company otherwise than by the Court, a person must convene a meeting of the company's creditors so that they may:

  (a)     determine whether to remove the person from office; and

  (b)     if so, appoint someone else as administrator of the company.

  "(5) A person must convene a meeting under subsection (4) by:

    (a)     giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

  (b)     causing notice of the meeting to be published:

       (i) in a national newspaper; or

         (ii) in each jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction;

at least 2 business days before the meeting.

"(6) Where a company is under administration, but for some reason no administrator is acting, the Court may appoint a person as administrator on the application of the Commission or of an officer, member or creditor of the company.

  "(7) Subsections (3) and (6) have effect despite section 437C.

Vacancy in office of administrator of deed of company arrangement

"449D.(1) Where the administrator of a deed of company arrangement:

  (a)     dies; or

    (b)     becomes prohibited from acting as administrator of the deed;