Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p60
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 60/110)
Character Range: 304815–307750

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 the Court and in accordance with such terms (if any) as the Court imposes.

Secured creditor's rights not affected

"471C. Nothing in section 471A or 471B affects a secured creditor's right to realise or otherwise deal with the security.".

Court to appoint official liquidator

69. Section 472 of the Corporations Law is amended by adding at the end the following subsections:

  "(4) A liquidator of a company appointed provisionally also has:

  (a)     power to carry on the company's business; and

    (b)     the powers that a liquidator of the company would have under paragraph 477(1)(d), subsection 477(2) (except paragraph 477(2)(m)) and subsection 477(3) if the company were being wound up in insolvency or by the Court.

"(5) Subsections 477(2A) and (2B) apply in relation to a company's provisional liquidator, with such modifications (if any) as the circumstances require, as if he or she were a liquidator appointed for the purposes of a winding up in insolvency or by the Court.

"(6) The exercise by a company's provisional liquidator of the powers conferred by subsection (4) is subject to the control of the Court, and a creditor or contributory, or the Commission, may apply to the Court in relation to the exercise or proposed exercise of any of those powers.".

General provisions about liquidators

70. Section 473 of the Corporations Law is amended by omitting subparagraph (3)(b)(i) and substituting the following subparagraph:

"(i) by resolution of the creditors; or".

Custody and vesting of company's property

71. Section 474 of the Corporations Law is amended by omitting from subsection (1) everything before "appointed" and substituting "If a company is being wound up in insolvency or by the Court, or a provisional liquidator of a company has been".

References to liquidator in certain provisions to include references to provisional liquidator

72. Sections 475, 536, 537, 538, 539 and 540 of the Corporations Law are each amended by inserting before subsection (1) the following subsection:

  "(1A) In this section:

'liquidator' includes a provisional liquidator.".

Powers of liquidator

  73. Section 477 of the Corporations Law is amended:

    (a)     by omitting from subsection (1) everything before paragraph (1)(a) and substituting "Subject to this section, a liquidator of a company may:";

    (b)    by omitting from subsection (2) "The liquidator" and substituting "Subject to this section, a liquidator of a company";

  (c)     by inserting after paragraph (2)(c) the following paragraph:

         "(ca) exercise the Court's powers under subsection 483(3) (except paragraph 483(3)(b)) in relation to calls on contributories;";

  (d)    by