THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

Division 2 - Court-appointed liquidators

SECTION 479   EXERCISE AND CONTROL OF LIQUIDATOR'S POWERS  

479(1)  [Discretion of creditors or contributories]  

Subject to this Part, the liquidator shall, in the administration of the property of the company and in the distribution of the property among its creditors, have regard to any directions given by resolution of the creditors or contributories at any general meeting or by the committee of inspection, and, in case of conflict, any directions so given by the creditors or contributories override any directions given by the committee of inspection.

479(2)  [Meeting to ascertain wishes]  

The liquidator may convene general meetings of the creditors or contributories for the purpose of ascertaining their wishes, and he or she shall convene meetings at such times as the creditors or contributories by resolution direct or whenever requested in writing to do so by at least one-tenth in value of the creditors or contributories.

479(3)  [Application to Court for directions]  

The liquidator may apply to the Court for directions in relation to any particular matter arising under the winding up.

479(4)  [Discretion in management and distribution]  

Subject to this Part, the liquidator shall use his or her own discretion in the management of affairs and property of the company and the distribution of its property.