PART 4CREDITORS' VOLUNTARY WINDING UP
CHAPTER 5Special Manager
Application for and appointment of special manager (section 177)4
1
An application by the liquidator under section 177 for the appointment of a special manager must be supported by a report setting out the reasons for the application.
2
The report must include the liquidator's estimate of the value of the business or property in relation to which the special manager is to be appointed.
3
The court's order appointing a special manager must specify the duration of the special manager's appointment, being one of the following:—
a
for a fixed period stated in the order;
b
until the occurrence of a specified event; or
c
until the court makes a further order.
4
The appointment of the special manager may be renewed by order of the court.
5
The special manager's remuneration will be fixed from time to time by the court.
6
The acts of the special manager are valid notwithstanding any defect in the special manager's appointment or qualifications.