THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT

Division 2 - Court-appointed liquidators

SECTION 472   COURT TO APPOINT OFFICIAL LIQUIDATOR  

472(1)  (Winding up order)  

On an order being made for the winding up of a company, the Court may appoint an official liquidator to be liquidator of the company.

472(2)  [Provisional appointment]  

The Court may appoint an official liquidator provisionally at any time after the filing of a winding up application and before the making of a winding up order or, if there is an appeal against a winding up order, before a decision in the appeal is made.

472(3)  [Powers of provisional liquidator]  

A liquidator appointed provisionally has or may exercise such functions and powers:

(a)  as are conferred on him or her by this Law or by rules of the Court that appointed him or her; or

(b)  as the Court specifies in the order appointing him or her.

472(4)  [Power to carry on business, etc]  

A liquidator of a company appointed provisionally also has:

(a)  power to carry on the company's business; and

(b)  the powers that a liquidator of the company would have under paragraph 477(1)(d), subsection 477(2) (except paragraph 477(2)(m)) and subsection 477(3) if the company were being wound up in insolvency or by the Court.

472(5)  [Sec 477(2A), (2B)]  

Subsections 477(2A) and (2B) apply in relation to a company's provisional liquidator, with such modifications (if any) as the circumstances require, as if he or she were a liquidator appointed for the purposes of a winding up in insolvency or by the Court.

472(6)  [Control by Court]  

The exercise by a company's provisional liquidator of the powers conferred by subsection (4) is subject to the control of the Court, and a creditor or contributory, or the Commission, may apply to the Court in relation to the exercise or proposed exercise of any of those powers.