Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 4   Fine-tuning voluntary administration

Part 1   General

Corporations Act 2001

3   Subsections 436B(2) and (3)

Repeal the subsections, substitute:

(2) A liquidator or provisional liquidator of a company must not appoint any of the following persons under subsection (1):

(a) himself or herself;

(b) if he or she is a partner of a partnership - a partner or employee of the partnership;

(c) if he or she is an employee - his or her employer;

(d) if he or she is an employer - his or her employee;

(e) if he or she is a director, secretary, employee or senior manager of a corporation - a director, secretary, employee or senior manager of the corporation;

unless:

(f) at a meeting of the company's creditors, the company's creditors pass a resolution approving the appointment; or

(g) the appointment is made with the leave of the Court.