Appointment of administrator by Registrar in case of insolvency
324A Appointment of administrator by Registrar in case of insolvency
The Registrar may appoint a person as an administrator for the purposes of the Corporations Act Part 5.3A (as applying under this Subdivision) if the Registrar is of the opinion that the co‑operative is insolvent or likely to become insolvent at some future time.
The person appointed by the Registrar must be a registered liquidator (as defined in the Corporations Act section 9), but the Registrar may appoint a person who is not a registered liquidator if the Registrar forms the view that the likely costs of administration by a registered liquidator are excessive taking into account the known assets of the co‑operative and the expected extent of debt of the co‑operative.
[Section 324A inserted: No. 7 of 2016 s. 114.]
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