Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p23
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 23/110)
Character Range: 211691–214572

and consider reports by the administrator.

"(2) A committee cannot give directions to the administrator, except as provided in subsection (3).

"(3) As and when a committee reasonably requires, the administrator must report to the committee about matters relating to the administration.

Membership of committee

"436G. A person can be a member of a committee of creditors of a company under administration if, and only if, he or she is:

   (a)     a creditor of the company; or

     (b)     the attorney of such a creditor because of a general power of attorney; or

   (c)     authorised in writing by such a creditor to be such a member.

"Division 3—Administrator assumes control of company's affairs

Role of administrator

"437A.(1) While a company is under administration, the administrator:

   (a)     has control of the company's business, property and affairs; and

      (b)     may carry on that business and manage that property and those affairs; and

      (c)     may terminate or dispose of all or part of that business, and may dispose of any of that property; and

      (d)     may perform any function, and exercise any power, that the company or any of its officers could perform or exercise if the company were not under administration.

"(2) Nothing in subsection (1) limits the generality of anything else in it.

Administrator acts as company's agent

"437B. When performing a function, or exercising a power, as administrator of a company under administration, the administrator is taken to be acting as the company's agent.

Powers of other officers suspended

"437C.(1) While a company is under administration, a person (other than the administrator) cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except with the administrator's written approval.

"(2) Subsection (1) does not remove an officer of a company from his or her office.

"(3) Section 437D does not limit the generality of subsection (1) of this section.

  "(4) In this section:

'officer', in relation to a company under administration, includes:

  (a)     a receiver who is not also a manager; and

  (b)     a receiver and manager appointed by a court; and

    (c)     a liquidator or provisional liquidator appointed by the Court before the administration began.

"(5) However, a person is not an officer of a company for the purposes of this section merely because he or she is an employee of the company.

Only administrator can deal with company's property

  "437D.(1) This section applies where:

  (a)     a company under administration purports to enter into; or

    (b)     a person purports to enter into, on behalf of a company under administration;

a transaction or dealing affecting property of the company.

  "(2) The transaction or dealing is void unless:

  (a)     the administrator