Section 435C — Corporations Act 2001: When administration begins and ends

(1) The administration of a company: (a) begins when an administrator of the company is appointed under section 436A, 436B or 436C; and (b) ends on the happening of whichever event of a kind referred to in subsection (2) or (3) happens first after the administration begins. (2) The normal outcome of the administration of a company is that: (a) a deed of company arrangement is executed by both the company and the deed’s administrator; or (b) the company’s creditors resolve under paragraph 439C(b) that the administration should end; or (c) the company’s creditors resolve under paragraph 439C(c) that the company be wound up. (3) However, the administration of a company may also end because: (a) the Court orders, under section 447A or otherwise, that the administration is to end, for example, because the Court is satisfied that the company is solvent; or (b) the convening period, as fixed by subsection 439A(5), for a meeting of the company’s creditors ends: (i) without the meeting being convened in accordance with section 439A; and (ii) without an application being made for the Court to extend under subsection 439A(6) the convening period for the meeting; or (c) an application for the Court to extend under subsection 439A(6) the convening period for such a meeting is finally determined or otherwise disposed of otherwise than by the Court extending the convening period; or (d) the convening period, as extended under subsection 439A(6), for such a meeting ends without the meeting being convened in accordance with section 439A; or (e) such a meeting convened under section 439A ends (whether or not it was earlier adjourned) without a resolution under section 439C being passed at the meeting; or (f) the company contravenes subsection 444B(2) by failing to execute a proposed deed of company arrangement; or (g) the Court appoints a provisional liquidator of the company, or orders that the company be wound up; or (h) if the company is a general insurer (within the meaning of the Insurance Act 1973)—management of the general insurer vests in a judicial manager of the company appointed by the Federal Court under Part VB of the Insurance Act 1973; or (i) if the company is a life company (within the meaning of the Life Insurance Act 1995)—management of the life company vests in a judicial manager of the life company appointed by the Federal Court under Part 8 of the Life Insurance Act 1995. (4) During the administration of a company, the company is taken to be under administration.