Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 68

68. After section 471 of the Corporations Law the following sections are
inserted in Division 1A of Part 5.4B: Powers of other officers suspended
during winding up

"471A.(1) While a company is being wound up in insolvency or by the Court, a
person cannot perform or exercise, and must not purport to perform or
exercise, a function or power as an officer of the company, except:

   (a)  as a liquidator appointed for the purposes of the winding up; or

   (b)  as an administrator appointed for the purposes of an administration of
        the company beginning after the winding up order was made; or

   (c)  with the liquidator's written approval; or

   (d)  with the approval of the Court.

"(2) While a provisional liquidator of a company is acting, a person cannot
perform or exercise, and must not purport to perform or exercise, a function
or power as an officer of the company, except:

   (a)  as a provisional liquidator of the company; or

   (b)  as an administrator appointed for the purposes of an administration of
        the company beginning after the provisional liquidator was appointed;
        or

   (c)  with the provisional liquidator's written approval; or

   (d)  with the approval of the Court.

"(3) This section does not remove an officer of a company from office.

"(4) For the purposes of this section, a person is not an officer of a company
merely because he or she is:

   (a)  a receiver and manager, appointed under a power contained in an
        instrument, of property of the company; or

   (b)  an employee of the company. Stay of proceedings and suspension of
        enforcement process

"471B. While a company is being wound up in insolvency or by the Court, or a
provisional liquidator of a company is acting, a person cannot begin or
proceed with:

   (a)  a proceeding in a court against the company or in relation to property
        of the company; or

   (b)  enforcement process in relation to such property; except with the
        leave of the Court and in accordance with such terms (if any) as the
        Court imposes. Secured creditor's rights not affected

"471C. Nothing in section 471A or 471B affects a secured creditor's right to
realise or otherwise deal with the security.".