227D. Effect of judicial management order

Question 1

227D. Effect of judicial management order

Answer 1

General overview
[227D.01] Section 227D provides that a judicial management order effectively places the company in a state of limbo until its affairs are sorted out to achieve one or more of the purposes stated in ss 227A and 227B. Upon the making of such an order, any receiver or receiver and manager shall vacate his office, and any application for winding up shall be dismissed: s 227D(1)(a) and (b).