Document ID: chunk:federal_register_of_legislation:C2025C00185:section:477:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 477 (pt 2/3)
Character Range: 1756864–1759209

obtaining payment of any money due from a contributory or debtor, or his or her estate, that cannot be conveniently done in the name of the company; and
 (k) appoint an agent to do any business that the liquidator is unable to do, or that it is unreasonable to expect the liquidator to do, in person; and
 (m) do all such other things as are necessary for winding up the affairs of the company and distributing its property.
 (2A) Except with the approval of the Court, of the committee of inspection or of a resolution of the creditors, a liquidator of a company must not compromise a debt to the company if the amount claimed by the company is more than:
 (a) if an amount greater than $20,000 is prescribed—the prescribed amount; or
 (b) otherwise—$20,000.
 (2B) Except with the approval of the Court, of the committee of inspection or of a resolution of the creditors, a liquidator of a company must not enter into an agreement on the company's behalf (for example, but without limitation, a lease or an agreement under which a security interest arises or is created) if:
 (a) without limiting paragraph (b), the term of the agreement may end; or
 (b) obligations of a party to the agreement may, according to the terms of the agreement, be discharged by performance;
more than 3 months after the agreement is entered into, even if the term may end, or the obligations may be discharged, within those 3 months.
 (2C) Subsection (2B) does not apply to an agreement if the costs and expenses of the company under the agreement are to be paid out of money paid to the liquidator:
 (a) by ASIC on behalf of the Commonwealth; and
 (b) for the purpose of paying the costs and expenses.
 (3) A liquidator of a company is entitled to inspect at any reasonable time any books of the company and a person who refuses or fails to allow the liquidator to inspect such books at such a time is guilty of an offence.
 (5) For the purpose of enabling the liquidator to take out letters of administration or recover money as mentioned in paragraph (2)(h), the money due is taken to be due to the liquidator.
 (6) Subject to this Part, the liquidator must use his or her own discretion in the management of affairs and property of the company and the distribution of its property.
 (7) This section does not apply to calls on shares in a no liability company.