Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.1 - ARRANGEMENTS AND RECONSTRUCTIONS

Note: This Part applies to CCIVs with modifications: see Division 2 of Part 8B.6 .

SECTION 415 NOTIFICATION OF APPOINTMENT OF SCHEME MANAGER AND POWER OF COURT TO REQUIRE REPORT

415(1)
Within 14 days after being appointed to administer a compromise or arrangement approved under this Part, a person must lodge a notice in writing of the appointment.

[ CCH Note: S 415(1) will be amended by No 69 of 2020, s 3, Sch 1[689] and [ 690], by inserting " with the Registrar " after " lodge " and " The notice must meet any requirements of the data standards. " at the end, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]

415(2)
Where an application is made to the Court under this Part in relation to a proposed compromise or arrangement, the Court may:

(a) before making any order on the application, require ASIC or another person specified by the Court to give to the Court a report as to the terms of the compromise or arrangement or of the scheme for the purposes of or in connection with which the compromise or arrangement has been proposed, the conduct of the officers of the body or bodies concerned and any other matters that, in the opinion of ASIC or that person, ought to be brought to the attention of the Court;

(b) in deciding the application, have regard to anything contained in the report; and

(c) make such order or orders as to the payment of the costs of preparing and giving the report as the Court thinks fit.

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