Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p63
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 63/73)
Character Range: 6470568–6473427

to the extent that:
 (a) another provision of this Act, or of another law, requires or permits the creditor to purchase the property; or
 (b) the Court gives leave to the creditor to purchase the property.

Offence
 (6) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (2); and
 (b) the person fails to comply with the requirement.
Penalty: 50 penalty units.
Note: A defendant bears an evidential burden in relation to the matters in subsections (3) and (5) (see subsection 13.3(3) of the Criminal Code).

Effect of contravention of this section
 (7) A transaction or any other arrangement entered into in contravention of this section may be set aside by the Court.

80‑65  ASIC may attend committee meetings
  ASIC is entitled to attend any meeting of a committee of inspection.

80‑70  The Court may inquire into conduct of the committee
  The Court may inquire into the conduct of a committee of inspection and make such orders as it thinks fit to ensure the proper conduct of the committee.

Division 85—Directions by creditors

85‑1  Simplified outline of this Division
      The external administrator of a company must have regard to directions given to the administrator by the creditors of the company but is not obliged to comply with those directions.

85‑5  External administrator to have regard to directions given by creditors
 (1) The creditors of a company under external administration (other than a members' voluntary winding up) may, by resolution, give directions to the external administrator of the company in relation to the external administration.
 (2) An external administrator of a company must have regard to any directions mentioned in subsection (1), but the external administrator is not required to comply with such directions.
 (3) If the external administrator does not comply with a direction, the external administrator must make a written record of that fact, along with the external administrator's reasons for not complying with the direction.
 (4) If there is a conflict between directions given by the creditors under subsection (1) and by the committee of inspection under section 80‑35, directions given by the creditors override any directions given by the committee.

Division 90—Review of the external administration of a company

Subdivision A—Introduction

90‑1  Simplified outline of this Division

      Review by the Court
      The Court may inquire into the external administration of a company either on its own initiative or on the application of the company, the external administrator, ASIC or a person with a financial interest in the external administration of the company (such as a creditor of the company).
      The Court has wide powers to make orders, including orders replacing the external administrator or dealing with losses