Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 473

473. (1) A liquidator appointed by the Court may resign or, on cause shown, be
removed by the Court.

(2) A provisional liquidator is entitled to receive such remuneration by way
of percentage or otherwise as is determined by the Court.

(3) A liquidator is entitled to receive such remuneration by way of percentage
or otherwise as is determined:

   (a)  if there is a committee of inspection-by agreement between the
        liquidator and the committee of inspection; or

   (b)  if there is no committee of inspection or the liquidator and the
        committee of inspection fail to agree:

        (i)    by a resolution passed at a meeting of creditors by a majority
               of the creditors present and voting, either in person or by
               proxy, being a majority whose debts against the company that
               have been admitted to proof amount in the aggregate to at least
               75% of the total amount of the debts of the creditors of the
               company present and voting, either in person or by proxy, that
               have been admitted to proof; or

        (ii)   if no such resolution is passed-by the Court.

(4) A meeting of creditors for the purposes of subsection (3) shall be
convened by the liquidator by sending to each creditor a notice to which is
attached a statement of all receipts and expenditure by the liquidator and of
the amount of remuneration sought by him or her.

(5) Where the remuneration of a liquidator is determined in the manner
specified in paragraph (3) (a), the Court may, on the application of:

   (a)  a member or members whose shareholding or shareholdings represents or
        represent in the aggregate at least 10% of the issued capital of the
        company;

   (b)  a creditor or creditors whose debts against the company that have been
        admitted to proof amount in the aggregate to at least 10% of the total
        amount of the debts of the creditors of the company that have been
        admitted to proof; or

   (c)  the Commission; review the liquidator's remuneration and may confirm,
        increase or reduce that remuneration.

(6) Where the remuneration of a liquidator is determined in the manner
specified in subparagraph (3) (b) (i) the Court may, on the application of the
liquidator or of a member or members referred to in subsection (5), review the
liquidator's remuneration and may confirm, increase or reduce that
remuneration.

(7) A vacancy in the office of a liquidator appointed by the Court shall be
filled by the Court.

(8) If more than one liquidator is appointed by the Court, the Court shall
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.

(9) Subject to this Act, the acts of a liquidator are valid notwithstanding
any defects that may afterwards be discovered in his or her appointment or
qualification.