Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 435C

When administration begins and ends

  (1)   The administration of a company:

  (a)   begins when an administrator of the company is appointed under section   436A, 436B or 436C; and

  (b)   ends on the happening of whichever event of a kind referred to in subsection   (2) or (3) happens first after the administration begins.

  (2)   The normal outcome of the administration of a company is that:

  (a)   a deed of company arrangement is executed by both the company and the deed's administrator; or

  (b)   the company's creditors resolve under paragraph   439C(b) that the administration should end; or

  (c)   the company's creditors resolve under paragraph   439C(c) that the company be wound up.

  (3)   However, the administration of a company may also end because:

  (a)   the Court orders, under section   447A or otherwise, that the administration is to end, for example, because the Court is satisfied that the company is solvent; or

  (b)   the convening period, as fixed by subsection   439A(5), for a meeting of the company's creditors ends:

  (i)   without the meeting being convened in accordance with section   439A; and

  (ii)   without an application being made for the Court to extend under subsection   439A(6) the convening period for the meeting; or

  (c)   an application for the Court to extend under subsection   439A(6) the convening period for such a meeting is finally determined or otherwise disposed of otherwise than by the Court extending the convening period; or

  (d)   the convening period, as extended under subsection   439A(6), for such a meeting ends without the meeting being convened in accordance with section   439A; or

  (e)   such a meeting convened under section   439A ends (whether or not it was earlier adjourned) without a resolution under section   439C being passed at the meeting; or

  (f)   the company contravenes subsection   444B(2) by failing to execute a proposed deed of company arrangement; or

  (g)   the Court appoints a provisional liquidator of the company, or orders that the company be wound up; or

  (h)   if the company is a general insurer (within the meaning of the Insurance Act 1973 ) -- management of the general insurer vests in a judicial manager of the company appointed by the Federal Court under Part   VB of the Insurance Act 1973 ; or

  (i)   if the company is a life company (within the meaning of the Life Insurance Act 1995 )--management of the life company vests in a judicial manager of the life company appointed by the Federal Court under Part   8 of the Life Insurance Act 1995 .

  (4)   During the administration of a company, the company is taken to be under administration.


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback