LAWS4112 Study Guide - Final Guide: Secured Creditor, Mercedes-Benz W140, Fide
Document Summary
The goal of administration is to maximize the chance of the co continuing its business, or if this is not achievable, to ensure a better return for members and creditors. Stage 1: entering voluntary administration: commences when an administrator is appointed: s435c(1)(a) Three ways to appoint an administrator: o by the co itself. Definition: a receiver is someone whose role is to receive rent, income and other proceeds, must gather in and realise the charged assets of the co and realise them to satisfy the claims. Only registered liquidators may be appointed receivers: s418(1)(d) Appointment: generally appointed by the secured creditor, can be appointed by the court: ss233, 1323. Powers of receiver: charge agreement usually contains powers, court appointment has the power to do all things necessary: s420. On officers: officers lose their power to manage the relevant property: hawkesbury development, offi(cid:272)ers retai(cid:374) the (cid:272)apa(cid:272)it(cid:455) to (cid:271)ri(cid:374)g pro(cid:272)eedi(cid:374)gs i(cid:374) the co"s (cid:374)a(cid:373)e to (cid:272)halle(cid:374)ge appoi(cid:374)t(cid:373)e(cid:374)t of receiver: newhart developments.
