Section 239AB — Companies Act 1993: Effect on transfer of shares

239AB Effect on transfer of shares (1) A share in a company in administration must not be transferred and the rights or liabilities of a shareholder of the company must not be altered. (2) However, the administrator may consent to the transfer of a share in a company in administration if the administrator is satisfied that the transfer is in the best interests of the company's creditors. (3) Also, despite subsection (1), the Court may make an order— (a) for the transfer of a share in a company in administration, but only after the administrator has been asked to consent to the transfer and has refused or failed to respond in a reasonable time; or (b) altering the rights and liabilities of a shareholder in a company in administration. Compare: Corporations Act 2001 (Australia) s 437F Section 239AB: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).