Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 73

73. Section 477 of the Corporations Law is amended:

   (a)  by omitting from subsection (1) everything before paragraph (1)(a) and
        substituting "Subject to this section, a liquidator of a company
        may:";
(b) by omitting from subsection (2) "The liquidator" and substituting "Subject
to this section, a liquidator of a company";

   (c)  by inserting after paragraph (2)(c) the following paragraph:

"(ca) exercise the Court's powers under subsection 483(3) (except paragraph
483(3)(b)) in relation to calls on contributories;";

   (d)  by omitting paragraph (2)(j);

   (e)  by inserting after subsection (2) the following subsections:

"(2A) Except with the approval of the Court, of the committee of inspection or
of a resolution of the creditors, a liquidator of a company must not
compromise a debt to the company if the amount claimed by the company is more
than:

   (a)  if an amount greater than $20,000 is prescribed - the prescribed
        amount; or

   (b)  otherwise - $20,000.

"(2B) Except with the approval of the Court, of the committee of inspection or
of a resolution of the creditors, a liquidator of a company must not enter
into an agreement on the company's behalf (for example, but without
limitation, a lease or a charge) if:

   (a)  without limiting paragraph (b), the term of the agreement may end; or

   (b)  obligations of a party to the agreement may, according to the terms of
        the agreement, be discharged by performance; more than 3 months after
        the agreement is entered into, even if the term may end, or the
        obligations may be discharged, within those 3 months.";

   (f)  by omitting subsection (4);

   (g)  by inserting in subsection (6) ", or the Commission," after

"contributory".