Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 447E

Supervision of administrator of company or deed

(1) Where the Court is satisfied that the administrator of a company under administration, or of a deed of company arrangement:

(a)
has managed, or is managing, the company's business, property or affairs in a way that is prejudicial to the interests of some or all of the company's creditors or members; or

(b)
has done an act, or made an omission, or proposes to do an act, or to make an omission, that is or would be prejudicial to such interests;

the Court may make such order as it thinks just.

(2) Where the Court is satisfied that:

(a)
a company is under administration but:

(i)
there is a vacancy in the office of administrator of the company; or
(ii)
no administrator of the company is acting; or
(b)
a deed of company arrangement has not yet terminated but:

(i)
there is a vacancy in the office of administrator of the deed; or
(ii)
no administrator of the deed is acting;
the Court may make such order as it thinks just.

(3) An order may only be made on the application of ASIC or of a creditor or member of the company.



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