Commonwealth Consolidated Acts

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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.

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