THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

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Division 2 - Court-appointed liquidators

SECTION 472   COURT TO APPOINT OFFICIAL LIQUIDATOR  

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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.

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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.

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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.

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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.

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