436A
In forceCompany may appoint administrator if board thinks it is or will become insolvent
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.3AAdministration of a company’s affairs with a view to executing a deed of company arrangement
Division 2Appointment of administrator and first meeting of creditors
436A Company may appoint administrator if board thinks it is or will become insolvent
(1)
A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:
(a)
in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(b)
an administrator of the company should be appointed.
(2)
Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.
This Act’s bill:Explanatory memorandumSecond reading speech
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