Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 65 - Funds handling  

CLAUSE 65-45   HANDLING OF MONEY AND SECURITIES - COURT DIRECTIONS  

65-45(1)    
The Court may, on application, give directions regarding the payment, deposit or custody of:

(a) money; and

(b) negotiable instruments and other securities;

that are payable to, or held by, an external administrator of a company.

65-45(2)    
The Court may, on application, give directions authorising the external administrator of a company to make payments into and out of a special bank account.

65-45(3)    
Without limiting subsection (2), the Court may:

(a) authorise the payments for the time and on the terms it thinks fit; and

(b) if the Court thinks the account is no longer required - at any time order it to be closed.

65-45(4)    
A copy of an order under paragraph (3)(b) must be served by the external administrator on the bank with which the special bank account was opened.

65-45(5)    
An application under this section may be made by:

(a) any person with a financial interest in the external administration of the company; or

(b) an officer of the company.

65-45(6)    
Paragraph (5)(b) has effect despite section 198G .

Note: Section 198G deals with powers of officers etc. while a company is under external administration.