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CORPORATIONS ACT 2001 - SECT 435C

When administration begins and ends

             (1)  The administration of a company:

                     (a)  begins when an administrator of the company is appointed under section 436A, 436B or 436C; and

                     (b)  ends on the happening of whichever event of a kind referred to in subsection (2) or (3) happens first after the administration begins.

             (2)  The normal outcome of the administration of a company is that:

                     (a)  a deed of company arrangement is executed by both the company and the deed's administrator; or

                     (b)  the company's creditors resolve under paragraph 439C(b) that the administration should end; or

                     (c)  the company's creditors resolve under paragraph 439C(c) that the company be wound up.

             (3)  However, the administration of a company may also end because:

                     (a)  the Court orders, under section 447A or otherwise, that the administration is to end, for example, because the Court is satisfied that the company is solvent; or

                     (b)  the convening period, as fixed by subsection 439A(5), for a meeting of the company's creditors ends:

                              (i)  without the meeting being convened in accordance with section 439A; and

                             (ii)  without an application being made for the Court to extend under subsection 439A(6) the convening period for the meeting; or

                     (c)  an application for the Court to extend under subsection 439A(6) the convening period for such a meeting is finally determined or otherwise disposed of otherwise than by the Court extending the convening period; or

                     (d)  the convening period, as extended under subsection 439A(6), for such a meeting ends without the meeting being convened in accordance with section 439A; or

                     (e)  such a meeting convened under section 439A ends (whether or not it was earlier adjourned) without a resolution under section 439C being passed at the meeting; or

                      (f)  the company contravenes subsection 444B(2) by failing to execute a proposed deed of company arrangement; or

                     (g)  the Court appoints a provisional liquidator of the company, or orders that the company be wound up; or

                     (h)  if the company is a general insurer (within the meaning of the Insurance Act 1973 ) -- management of the general insurer vests in a judicial manager of the company appointed by the Federal Court under Part VB of the Insurance Act 1973 ; or

                      (i)  if the company is a life company (within the meaning of the Life Insurance Act 1995 )--management of the life company vests in a judicial manager of the life company appointed by the Federal Court under Part 8 of the Life Insurance Act 1995 .

             (4)  During the administration of a company, the company is taken to be under administration.



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