In a previous article, ‘In case of emergency: Using emergency power provisions to appoint a voluntary administrator’ we discussed the use of emergency powers in a companys constitution to appoint a voluntary administrator to a company, as well as the use of court assistance to cure defects in an appointment.
Indeed, there is ample precedent where courts have made orders under sections 447A or 1322(4) of the Corporations Act 2001 (Cth) (Corporations Act) to cure defects in an appointment of a voluntary administrator. Such circumstances which have warranted the exercise of this power include where the resolution to appoint administrators was passed at an inquorate board meeting (Re Australian Art Investment Pty Ltd [2012] VSC 18), where …
Read the full article at: https://www.gtlaw.com.au/knowledge/navigating-complex-voluntary-administration-appointments-utility-court