The Insolvency Practice Schedule (Corporations) (Practice Schedule) was introduced in 2015 via the Insolvency Law Reform Bill 2015. The Practice Schedule was introduced together with the Insolvency Practice Schedule (Bankruptcy) with the intention of providing specific rules to aid in the handling of personal bankruptcies and corporate external administration.
The Practice Schedule implemented many provisions, one key provision being s90-15, which empowered the court to make directions concerning the external administration of a company. The scope of the power was, and remains, expansive, such that it allows the court to make such orders as it thinks fit in relation to the external administration of a company…
Read the full article at: https://www.natlawreview.com/article/australia-s-external-administrators-afforded-significant-latitude-under-ips-90-15