Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p50
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 137389–140372

none of those relationships result in the administrator having a conflict of interest or duty.

        (3) If the external administration is a voluntary administration, the incoming administrator must also prepare a written declaration:
           (a) stating whether the administrator is or will be, to any extent, indemnified (otherwise than under section 443D of the Act), in relation to the administration, for:
              (i) any debts for which the administrator is, or may become, liable under Subdivision A of Division 9 of Part 5.3A of the Act; or
              (ii) any debts for which the administrator is, or may become, liable under a remittance provision as defined in section 443BA of the Act; or
              (iii) the remuneration to which he or she is entitled under section 60‑5 of the Insolvency Practice Schedule (Corporations); and
           (b) if so, stating:
              (i) the identity of each indemnifier; and
              (ii) the extent and nature of each indemnity.

        (4) The declarations referred to in subsections (2) and (if applicable) (3) must be given to the creditors at the same time as notice of the meeting to appoint the incoming administrator is given.

       Documents to be tabled at meeting and lodged with ASIC

        (5) The following documents must be tabled at the meeting at which the incoming administrator is proposed to be appointed:
           (a) the declarations referred to in subsections (2) and (if applicable) (3);
           (b) a written consent to act as administrator signed by the incoming administrator.

        (6) The registered liquidator who is the external administrator of the company following the meeting referred to in subsection (1) must lodge copies of the documents referred to in subsection (5) within 5 business days of the meeting.

       Right to speak at meeting

        (7) The outgoing administrator and the incoming administrator have a right to speak at the meeting at which the administrator is proposed to be removed or appointed, as the case may be.

       75‑270  Substantial compliance with Division is sufficient

         A meeting, or anything done at a meeting, is not invalid because a requirement of this Division has not been strictly complied with, if the requirement has been substantially complied with.

       Division 80—Committees of inspection etc.

       80‑5  Eligibility and procedures

        (1) This section is made for the purposes of subsection 80‑30(2) of the Insolvency Practice Schedule (Corporations).

       Eligibility

        (2) A person is not eligible to be appointed as a member of a committee of inspection unless the person is:
           (a) a creditor of the company; or
           (b) the attorney of a creditor of the company by virtue of a general power of attorney given by the creditor; or
           (c) a person authorised in writing by a creditor of the company to be a member of the committee of inspection; or