Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p25
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 25/110)
Character Range: 216833–219762

a court under section 1318 to relieve a person from liability as mentioned in that section extends to relieving a person from liability to be ordered under this section to pay compensation.

Effect of administration on company's members

"437F. A transfer of shares in a company, or an alteration in the status of members of a company, that is made during the administration of the company is void except so far as the Court otherwise orders.

"Division 4—Administrator investigates company's affairs

Administrator to investigate affairs and consider possible courses of action

"438A. As soon as practicable after the administration of a company begins, the administrator must:

     (a) investigate the company's business, property, affairs and financial circumstances; and

  (b) form an opinion about each of the following matters:

         (i) whether it would be in the interests of the company's creditors for the company to execute a deed of company arrangement;

         (ii) whether it would be in the creditors' interests for the administration to end;

         (iii) whether it would be in the creditors' interests for the company to be wound up.

Directors to help administrator

"438B.(1) As soon as practicable after the administration of a company begins, each director must:

    (a)     deliver to the administrator all books in the director's possession that relate to the company, other than books that the director is entitled, as against the company and the administrator, to retain; and

    (b)     if the director knows where other books relating to the company are—tell the administrator where those books are.

"(2) Within 7 days after the administration of a company begins or such longer period as the administrator allows, the directors must give to the administrator a statement about the company's business, property, affairs and financial circumstances.

  "(3) A director of a company under administration must:

  (a)     attend on the administrator at such times; and

    (b)     give the administrator such information about the company's business, property, affairs and financial circumstances;

as the administrator reasonably requires.

"(4) A person must not, without reasonable excuse, fail to comply with subsection (1), (2) or (3).

Administrator's rights to company's books

"438C.(1) A person is not entitled, as against the administrator of a company under administration:

  (a)     to retain possession of books of the company; or

  (b)     to claim or enforce a lien on such books;

but such a lien is not otherwise prejudiced.

"(2) Paragraph (1)(a) does not apply in relation to books of which a secured creditor of the company is entitled to possession otherwise than because of a lien, but the administrator is entitled to inspect, and make copies of, such books at any reasonable time.

"(3) The administrator of a company under administration may give to a person a