Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p55
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 151148–154238

as a reviewing liquidator.

       Copy of declaration to be given to as many creditors as reasonably practicable

        (3) As soon as practicable after being appointed, a reviewing liquidator must give a copy of the declaration to as many of the company's creditors as reasonably practicable.

       Declaration must be correct and kept up to date

        (4) If, after the registered liquidator has given a declaration under this section:
           (a) the declaration becomes out of date; or
           (b) the registered liquidator becomes aware of an error in the declaration;
       the registered liquidator must, as soon as practicable:
           (c) give a replacement declaration to as many of the company's creditors as soon as reasonably practicable; and
           (d) lodge a replacement declaration with ASIC as soon as reasonably practicable.

       90‑22  Powers and duties of reviewing liquidators

        (1) In carrying out a review under Subdivision C of Division 90 of the Insolvency Practice Schedule (Corporations), a reviewing liquidator has the following powers:
           (a) if the review relates to the remuneration of the external administrator of the company or a cost or expense incurred by the external administrator of the company:
              (i) to engage one or more industry or other relevant experts to assist with assessing the remuneration or costs incurred; and
              (ii) to direct the external administrator to provide itemised invoices for work undertaken by the external administrator in the form, and within the period, specified by the reviewing liquidator;
           (b) to interview any of the parties to the review;
           (c) to direct any of the parties to the review to give a written statement about a specified matter in the form, and within the period, specified by the reviewing liquidator;
           (d) to direct the external administrator to produce specified books relating to the external administration;
           (e) any other power necessary for, or reasonably incidental to, carrying out a review.

        (2) A period specified for the purposes of paragraph (1)(c) must be reasonable.

        (3) In carrying out a review, a reviewing liquidator has the following duties:
           (a) if a person is given a direction under subsection (1) but fails to comply with it—to carry out the review on the basis of the information available to the reviewing liquidator;
           (b) to act independently and in the interests of creditors;
           (c) to avoid actual and apparent conflicts of interest.

        (4) For the purposes of subsection (1), the parties to the review are the following:
           (a) the external administrator;
           (b) any employees or other persons providing services to or for the administrator in relation to the external administration;
           (c) any third parties in relation to whom an expense relating to the external administration has been incurred.

       90‑24  Reporting by reviewing liquidators

        (1) The report on a review must