140External administration proceedings under Corporations Act

140 External administration proceedings under Corporations Act (1) This section applies to proceedings in any court under Chapter 5 (External administration) of the Corporations Act— S. 140(1)(a) amended by No. 46/2025 s. 34(3). (a) relating to a company that is an externally administered body corporate and that is or was a licensee; or S. 140(1)(b) amended by No. 46/2025 s. 34(3). (b) relating to a company that is or was a licensee becoming an externally administered body corporate. (2) The Director is entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the carrying out of conveyancing work by the licensee. (3) The court may, when exercising its jurisdiction in the proceedings, have regard to the interests of the clients of the licensee on whose behalf conveyancing work has been, or is to be carried out by the licensee. (4) Subsection (3) does not authorise the court to make any decision that is contrary to a specific provision of the Corporations Act. (5) The provisions of subsections (2) and (3) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act. Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. 141 Incorporated licensee that is subject to external intervention under this Act and external administration under the Corporations Act (1) This section applies if a licensee that is a company is the subject of both— (a) the appointment of an external intervener under this Act; and (b) the appointment of a Corporations Act administrator. (2) The external intervener is under a duty to notify the Corporations Act administrator of the appointment of the external intervener, whether the appointment precedes, follows or is contemporaneous with the appointment of the Corporations Act administrator. (3) The external intervener or the Corporations Act administrator (or both of them jointly) may apply to the Supreme Court for the resolution of issues arising from or in connection with the dual appointments and their respective powers, except where proceedings referred to in section 140 have been commenced. (4) The Supreme Court may make any orders it considers appropriate, and no liability attaches to the external intervener or the Corporations Act administrator for any act or omission done by the external intervener or administrator in good faith for the purpose of carrying out or acting in accordance with the orders. (5) The Director is entitled to intervene in the proceedings, unless the court determines that the proceedings do not concern or affect the carrying out of conveyancing work by the licensee. (6) The provisions of subsections (3) and (4) are declared to be Corporations legislation displacement provisions for the purposes of section 5G of the Corporations Act in relation to the provisions of Chapter 5 of that Act. Section 5G of the Corporations Act provides that if a State law declares a provision of a State law to be a Corporations legislation displacement provision, any provision of the Corporations legislation with which the State provision would otherwise be inconsistent does not apply to the extent necessary to avoid the inconsistency. (7) In this section— ***Corporations Act administrator*** means— (a) a receiver, receiver and manager, liquidator (including a provisional liquidator), controller, administrator or deed administrator appointed under the Corporations Act; or (b) a person who is appointed to exercise powers under that Act and who is prescribed, or of a class prescribed, by the regulations for the purposes of this definition; ***external intervener*** means a statutory manager or a receiver.