(1) Where the Court is satisfied that the administrator of a company under
administration, or of a deed of company arrangement:
- (a)
- has managed, or is
managing, the company's business, property or affairs in a way that is
prejudicial to the interests of some or all of the company's creditors or
members; or
- (b)
- has done an act, or made an omission, or proposes to do an act, or to make
an omission, that is or would be prejudicial to such interests;
the Court may make such order as it thinks just.
(2) Where the Court is satisfied that:
- (a)
- a company is under administration
but:
- (i)
- there is a vacancy in the office of administrator of the company; or
- (ii)
- no administrator of the company is acting; or
- (b)
- a deed of company arrangement has not yet terminated but:
- (i)
- there is a vacancy in the office of administrator of the deed; or
- (ii)
- no administrator of the deed is acting;
the Court may make such order as it thinks just.
(3) An order may only be made on the application of ASIC or of a creditor or
member of the company.
Commonwealth Numbered Acts