Co-operatives National Law (Queensland)
sec.383Appointment of administrator by Registrar in the case of insolvency
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sec.383 Appointment of administrator by Registrar in the case of insolvency
The Registrar may appoint a person as an administrator for the purposes of Part 5.3A of the Corporations Act (as applying under this Division) if the Registrar is of the opinion that the co-operative is insolvent or likely to become insolvent at some future time. The person appointed by the Registrar must be a registered liquidator within the meaning of the Corporations Act , but the Registrar may appoint a person who is not a registered liquidator if the Registrar forms the view that the likely costs of administration by a registered liquidator are excessive taking into account the known assets of the co-operative and the expected extent of debt of the co-operative. (sec.383-ssec.1) The Registrar may appoint a person as an administrator for the purposes of Part 5.3A of the Corporations Act (as applying under this Division) if the Registrar is of the opinion that the co-operative is insolvent or likely to become insolvent at some future time. (sec.383-ssec.2) The person appointed by the Registrar must be a registered liquidator within the meaning of the Corporations Act , but the Registrar may appoint a person who is not a registered liquidator if the Registrar forms the view that the likely costs of administration by a registered liquidator are excessive taking into account the known assets of the co-operative and the expected extent of debt of the co-operative.