THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

Division 2 - Court-appointed liquidators

SECTION 473   GENERAL PROVISIONS ABOUT LIQUIDATORS  

473(1)  [Resignation or removal]  

A liquidator appointed by the Court may resign or, on cause shown, be removed by the Court.

473(2)  [Remuneration of provisional liquidator]  

A provisional liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined by the Court.

473(3)  [Remuneration of liquidator]  

A liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined:

(a)  if there is a committee of inspection - by agreement between the liquidator and the committee of inspection; or

(b)  if there is no committee of inspection or the liquidator and the committee of inspection fail to agree:

(i) by resolution of the creditors; or

(ii) if no such resolution is passed - by the Court.

473(4)  [Meeting of creditors]  

A meeting of creditors for the purposes of subsection (3) shall be convened by the liquidator by sending to each creditor a notice to which is attached a statement of all receipts and expenditure by the liquidator and of the amount of remuneration sought by him or her.

473(5)  [Review of remuneration determined by agreement]  

Where the remuneration of a liquidator is determined in the manner specified in paragraph (3)(a), the Court may, on the application of:

(a)  a member or members whose shareholding or shareholdings represents or represent in the aggregate at least 10% of the issued capital of the company;

(b)  a creditor or creditors whose debts against the company that have been admitted to proof amount in the aggregate to at least 10% of the total amount of the debts of the creditors of the company that have been admitted to proof; or

(c)  the Commission;

review the liquidator's remuneration and may confirm, increase or reduce that remuneration.

473(6)  [Review of remuneration determined by resolution]  

Where the remuneration of a liquidator is determined in the manner specified in subparagraph (3)(b)(i) the Court may, on the application of the liquidator or of a member or members referred to in subsection (5), review the liquidator's remuneration and may confirm, increase or reduce that remuneration.

473(7)  [Vacancy]  

A vacancy in the office of a liquidator appointed by the Court shall be filled by the Court.

473(8)  [More than one liquidator]  

If more than one liquidator is appointed by the Court, the Court shall declare whether anything that is required or authorised by this Law to be done by the liquidator is to be done by all or any one or more of the persons appointed.

473(9)  [Validity of acts of liquidator]  

Subject to this Law, the acts of a liquidator are valid notwithstanding any defects that may afterwards be discovered in his or her appointment or qualification.