An important reminder that pursuant to s439B of the Corporations Act 2001 (Cth.) (“the Act”) at any meeting convened under s439A of the Act, the administrator is to preside.
Today ERA Legal appeared before Justice Black in the Supreme Court of New South Wales and obtained an urgent ex parte order under s447A of the Act that the operation of Pt 5.3A be altered as follows:
- The requirement pf s439B that the appointed administrator, preside at the meeting scheduled to occur this morning under s439A be dispensed with; and
- Order that the another person, in lieu of the appointed administrator, be appointed by delegation to chair the second meeting of the creditors of the company to regulations 5.6.17(1) and 5.6.34 of the Corporations Regulations 2001 (Cth).
The appointed administrator has been stranded in Bali for the last week due to the volcanic ash cloud currently causing flight cancellations.
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