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