THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 15 - Removal, replacement and remuneration of administrator

SECTION 449C   VACANCY IN OFFICE OF ADMINISTRATOR OF COMPANY  

449C(1)  [Administrator dies, etc]  

Where the administrator of a company under administration:

(a)  dies; or

(b)  becomes prohibited from acting as administrator of the company; or

(c)  resigns by notice in writing given to his or her appointer and to the company;

his or her appointer may appoint someone else as administrator of the company.

449C(2)  [``appointer'']  

In subsection (1):

``appointer'' , in relation to the administrator of a company under administration, means:

(a)  if the administrator was appointed by the Court under section 449B or subsection (6) of this section - the Court; or

(b)  otherwise:

(i) if the administration began because of an appointment under section 436A - the company; or

(ii) if the administration began because of an appointment under section 436B - a liquidator or provisional liquidator of the company; or

(iii) if the administration began because of an appointment under section 436C - a person who is entitled, or would apart from section 440B or 441D be entitled, to enforce the charge.

449C(3)  [Board resolution]  

An appointment under subsection (1) by the company under administration must be made pursuant to a resolution of the board.

449C(4)  [Administrator to convene creditors' meeting]  

Within 5 business days after being appointed under subsection (1) as administrator of a company otherwise than by the Court, a person must convene a meeting of the company's creditors so that they may:

(a)  determine whether to remove the person from office; and

(b)  if so, appoint someone else as administrator of the company.

449C(5)  [Notice of meeting]  

A person must convene a meeting under subsection (4) by:

(a)  giving written notice of the meeting to as many of the company's creditors as reasonably practicable; and

(b)  causing notice of the meeting to be published:

(i) in a national newspaper; or

(ii) in each jurisdiction in which the company has its registered office or carries on business, in a daily newspaper that circulates generally in that jurisdiction;

at least 2 business days before the meeting.

449C(6)  [Court may appoint administrator]  

Where a company is under administration, but for some reason no administrator is acting, the Court may appoint a person as administrator on the application of the Commission or of an officer, member or creditor of the company.

449C(7)  [Sec 437C]  

Subsections (3) and (6) have effect despite section 437C.