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Insolvency Law Reform Act 2016
101At the end of section 435A
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101 At the end of section 435A
Add:
Note: Schedule 2 contains additional rules about companies under external administration.
102 Paragraph 436DA(6)(a)
(a) if:
(i) there is a committee of inspection; and
(ii) the next meeting of the committee of inspection occurs before the next meeting of the company’s creditors;
at the next meeting of the committee of inspection; or
103 Paragraph 436E(1)(a)
(a) whether to appoint a committee of inspection; and
104 Sections 436F, 436G and 437C
105 Subsection 438B(2)
Omit “statement”, substitute “report in the prescribed form”.
106 After subsection 438B(2)
(2A) The administrator must, within 5 business days after receiving a report under subsection (2), lodge a copy of the report.
107 Subsection 438B(4)
After “(2)”, insert “, (2A)”.
108 Section 438E
109 Subsections 439A(3) and (4)
110 Section 439B
111 Paragraph 439C(a)
Omit “the notice”, substitute “any notice”.
112 Subsections 441A(3), 441B(2) and 441C(2)
113 Section 441E
114 Subsections 441F(2) and 441G(1)
115 Section 441J
116 Paragraph 443D(b)
(b) the remuneration to which he or she is entitled under Division 60 of Schedule 2 (external administrator’s remuneration).
117 Subsection 444B(4)
118 Section 445A
Omit “convened under section 445F”.
119 Paragraph 445C(b)
Omit “that was convened under section 445F by a notice setting out the proposed resolution”.
120 Paragraph 445D(1)(b)
Omit “report or statement under subsection 439A(4)”, substitute “document”.
121 Paragraph 445D(1)(c)
Omit “report or statement”, substitute “document”.
122 Paragraph 445E(a)
(a) the company’s creditors pass a resolution at a meeting terminating the deed; and
123 Section 445F
124 Division 11A of Part 5.3A of Chapter 5
Repeal the Division.
125 Paragraph 446A(1)(c)
Omit “at a meeting convened under section 445F, a”, substitute “the”.
126 Paragraph 446A(7)(a)
Omit “subsection 499(4)”, substitute “section 198G (exercise of powers while company under external administration)”.
127 Subsection 446B(2)
After “Part 5.5”, insert “or Schedule 2”.
128 Sections 447D, 447E and 448D
129 Division 15 of Part 5.3A of Chapter 5 (heading)
Division 15—Removal and replacement of administrator
130 Section 449B
131 Subsection 449C(2) (paragraph (a) of the definition of appointer)
Omit “section 449B”, substitute “Division 90 of Schedule 2 (review of the external administration of a company)”.
132 Subsection 449C(5)
133 Subsection 449C(7)
134 Paragraph 449CA(6)(a)
Omit “committee of creditors” (wherever occurring), substitute “committee of inspection”.
135 Sections 449D and 449E
136 Paragraph 450B(c)
(b) lodge notice in the prescribed form with ASIC of the execution of the deed.
137 Section 465A
Before “A person”, insert “(1)”.
138 At the end of section 465A
Add:
(2) If the Court orders the winding up of a company as a result of an application under section 459P, 462 or 464, the liquidator (or provisional liquidator) must cause notice setting out prescribed information about the order to be published in the prescribed manner.
139 Section 471A
140 Section 471C
Omit “471A or”.
141 Section 472 (heading)
472 Court to appoint registered liquidator
142 Subsections 472(1) and (2)
Omit “an official liquidator”, substitute “a registered liquidator”.
143 Subsection 472(6)
(6) If more than one liquidator is appointed by the Court, the Court must declare whether anything that is required or authorised by this Act to be done by the liquidator is to be done by all or any one or more of the persons appointed.
144 Section 473