External administrators in Australia are faced with immediate challenges from the date of their appointment. Those challenges often come in the form of uncertainty around contractual positions, conflicting interests between key stakeholders and the administrators’ rights and obligations. Fortunately, the Insolvency Practice Schedule, which now forms a critical part of Australia’s Corporations Act, gives administrators significant latitude not only in managing the estates they are appointed to, but also in seeking judicial advice and sanctioning relief from the court, where appropriate.
Our latest insight focuses on the court’s expansive powers under the schedule and how administrators benefit from those powers.