Document ID: chunk:federal_register_of_legislation:C2025C00185:section:411:p5
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 411 (pt 5/7)
Character Range: 1393704–1396288

and its members or any class of them, whether by the terms of that compromise or arrangement or pursuant to a power given by the terms of a compromise or arrangement, if the person:
 (a) is a secured party in relation to any property (including PPSA retention of title property) of the body; or
 (b) is an auditor of the body; or
 (ba) is a director, secretary, senior manager or employee of the body; or
 (c) is a director, secretary, senior manager or employee of a body corporate that is a secured party in relation to any property (including PPSA retention of title property) of the body; or
 (d) is not a registered liquidator; or
 (e) is a director, secretary, senior manager or employee of a body corporate related to the body; or
 (f) unless ASIC directs in writing that this paragraph does not apply in relation to the person in relation to the body—has at any time within the last 12 months been an officer or promoter of the body or of a related body corporate.
 (8) Paragraph (7)(d) does not apply in relation to a body corporate authorised by or under a law of a State or Territory in this jurisdiction to administer the compromise or arrangement concerned.
 (8A) Subsection (7) does not disqualify a person from administering a compromise or arrangement under an appointment validly made before 1 January 1991.
 (9) Where a person is or persons are appointed by, or under a power given by, the terms of a compromise or arrangement, to administer the compromise or arrangement:
 (a) sections 422A, 422B and 425, subsections 427(2) and (4) and sections 428, 432 and 434 apply in relation to that person or those persons as if:
 (i) the appointment of the person or persons to administer the compromise or arrangement were an appointment of the person or persons as a receiver and manager, or as receivers and managers, of property of the body; and
 (ii) a reference in any of those sections or subsections to a receiver, or to a receiver of property, of a corporation were a reference to that person or to those persons; and
 (b) Subdivision B (court powers to inquire and make orders) of Division 90 of Schedule 2 applies in relation to that person or those persons as if:
 (i) the appointment of the person or persons to administer the compromise or arrangement were an appointment of the person or persons as an external administrator of the body; and
 (ii) a reference in that Subdivision to an external administration were a reference to the administration of the compromise or arrangement; and
 (iii) a reference in that Subdivision to an external administrator were