Formal Appointments – an overview
|
TYPE |
COMMENCED BY |
REASON |
WHO MAY ACT |
APPOINTEE TITLE |
POWERS FROM |
|
INDIVIDUALS |
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|
BANKRUPTCY |
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| Bankruptcy |
Creditor or debtor |
Realise assets to pay creditors |
Registered Trustee or Official Receiver |
Trustee or Official Receiver |
Bankruptcy Act |
|
ARRANGEMENT UNDER PART X OF THE BANKRUPTCY ACT |
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|
Personal Insolvency Agreement (“PIA”) |
Debtor |
Arrangement to pay creditors |
Registered Trustee |
Trustee |
Bankruptcy Act |
|
COMPANIES |
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|
LIQUIDATION |
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|
Creditor, Director or Member |
Realise assets to pay creditors |
Official Liquidator |
Official Liquidator |
Corporations Act |
|
|
Creditor, Director or Member |
Preserve assets in the short term |
Official Liquidator |
Provisional Liquidator |
Corporations Act |
|
|
Members & Creditors |
Realise assets to pay creditors |
Registered Liquidator |
Liquidator |
Corporations Act |
|
|
Members |
Wind up of a solvent company |
Registered Liquidator |
Liquidator |
Corporations Act |
|
|
CONTROLLER |
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|
Mortgagee |
Realise assets to pay mortgage |
Anyone |
Controller or Managing Controller |
Mortgage document |
|
|
Private Mortgagee |
Realise assets to pay mortgage |
Registered Liquidator |
Receiver or Receiver & Manager |
Mortgage document and Corporations Act |
|
|
Creditor, Director or Member |
Control given to receiver usually as a result of a dispute |
Registered Liquidator |
Receiver |
Court Orders and Corporations Act |
|
|
VOLUNTARY ADMINISTRATION |
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|
Directors or Mortgagee |
Control handed to Administrator to recommend best course. |
Registered Liquidator |
Administrator |
Corporations Act |
|
