Commonwealth Consolidated Acts

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Notification of appointment of scheme manager and power of Court to require report

             (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.

             (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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