Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 474

474. (1) Where a winding up order has been made or a provisional liquidator
has been appointed, the liquidator or provisional liquidator shall take into
his or her custody or under his or her control all the property to which the
company is or appears to be entitled, and, if there is no liquidator, all the
property of the company shall be in the custody of the Court.

(2) The Court may, on the application of the liquidator, by order direct that
all or any part of the property of the company shall vest in the liquidator
and thereupon the property to which the order relates shall vest accordingly
and the liquidator may, after giving such indemnity (if any) as the Court
directs, bring, or may defend, any action or other legal proceeding that
relates to that property or that it is necessary to bring or defend for the
purpose of effectually winding up the company and recovering its property.

(3) Where an order is made under this section, the liquidator of the company
to which the order relates shall, within 14 days after the making of the
order, lodge with the Commission an office copy of the order.