Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p68
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 68/73)
Character Range: 6483007–6485708

(5A) Subsections (1) to (5) do not apply to:
 (a) a company under restructuring; or
 (b) a company that has made a restructuring plan that has not yet terminated.

Appointment by the Court
 (6) A registered liquidator may be appointed by the Court to carry out a review into a matter that relates to the external administration of the company.
 (7) The Court may exercise the power under subsection (6):
 (a) on application under subsection (8); and
 (b) if the Court considers it appropriate to do so.
 (8) Either of the following may make an application under this subsection:
 (a) ASIC;
 (b) a person with a financial interest in the external administration of the company.
 (9) If the Court appoints a registered liquidator to carry out a review, the Court must specify:
 (a) the matters in relation to the external administration of the company which the liquidator is appointed to review; and
 (b) the way in which the cost of carrying out the review is to be determined.

Appointments by ASIC or by the Court—limit
 (10) A matter referred to in paragraph (5)(a) or (9)(a) must not relate to remuneration which an external administrator of the company is entitled to receive under subsection 60‑5(2) (remuneration if no remuneration determinations made).

90‑24  Appointment of reviewing liquidator by creditors etc.

Appointment to carry out review
 (1) A registered liquidator may be appointed to carry out a review into either or both of the following matters:
 (a) remuneration of the external administrator of the company;
 (b) a cost or expense incurred by the external administrator of the company.

Appointment by resolution
 (2) The appointment may be made by resolution of:
 (a) the creditors; or
 (b) if the company is being wound up under a members' voluntary winding up—the company;
 (3) If the appointment is made by resolution, the resolution must specify:
 (a) the remuneration, costs or expenses which the liquidator is appointed to review; and
 (b) the way in which the cost of carrying out the review is to be determined.

Appointment by one or more creditors or members
 (4) The appointment may be made by:
 (a) one or more of the creditors; or
 (b) if the company is being wound up under a members' voluntary winding up—one or more of the members.
 (5) However, an appointment may only be made under subsection (4) if the external administrator of the company agrees to the appointment.
 (6) The agreement must:
 (a) be in accordance with the Insolvency Practice Rules; and
 (b) specify:
 (i) the remuneration, costs or expenses which the liquidator is appointed to review; and
 (ii) the way in which the cost of carrying out the review is to be determined.

Appointments by