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CORPORATIONS ACT 2001 No. 50, 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.

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



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