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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 473

General provisions about liquidators

(1) A liquidator appointed by the Court may resign or, on cause shown, be removed by the Court. (2) A provisional liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined by the Court. (3) A liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined:

(a)
if there is a committee of inspection—by agreement between the liquidator and the committee of inspection; or

(b)
if there is no committee of inspection or the liquidator and the committee of inspection fail to agree:

(i)
by resolution of the creditors; or
(ii)
if no such resolution is passed—by the Court.

(4) A meeting of creditors for the purposes of subsection (3) must be convened by the liquidator by sending to each creditor a notice to which is attached a statement of all receipts and expenditure by the liquidator and of the amount of remuneration sought by him or her. (5) Where the remuneration of a liquidator is determined in the manner specified in paragraph (3)(a), the Court may, on the application of:

(a)
a member or members whose shareholding or shareholdings represents or represent in the aggregate at least 10% of the issued capital of the company; or

(b)
a creditor or creditors whose debts against the company that have been admitted to proof amount in the aggregate to at least 10% of the total amount of the debts of the creditors of the company that have been admitted to proof; or

(c)
ASIC;

review the liquidator's remuneration and may confirm, increase or reduce that remuneration.

(6) Where the remuneration of a liquidator is determined in the manner specified in subparagraph (3)(b)(i) the Court may, on the application of the liquidator or of a member or members referred to in subsection (5), review the liquidator's remuneration and may confirm, increase or reduce that remuneration. (7) A vacancy in the office of a liquidator appointed by the Court must be filled by the Court. (8) If more than one liquidator is appointed by the Court, the Court must declare whether anything that is required or authorised by this Act to be done by the liquidator is to be done by all or any one or more of the persons appointed. (9) Subject to this Act, the acts of a liquidator are valid notwithstanding any defects that may afterwards be discovered in his or her appointment or qualification.



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