I had to laugh at today's announcement regarding PPN placing...

I had to laugh at today's announcement regarding PPN placing itself in Volunary Administration.  

Our legal people tell us that sub-section 436A(2) of the Corporations Act 2001 prevents PPN from appointing an administrator if a provisional liquidator, has been appointed.  

It is going to be an interesting hearing at the Supreme Court on 29 May, unless that date is brought forward following today's announcement.

CORPORATIONS ACT 2001 - SECT 436A
Company may appoint administrator if board thinks it is or will become insolvent
(1)  A company may, by writing, appoint an administrator of the company if the board has resolved to the effect that:
(a)  in the opinion of the directors voting for the resolution, the company is insolvent, or is likely to become insolvent at some future time; and
(b)  an administrator of the company should be appointed.
(2)  Subsection (1) does not apply to a company if a person holds an appointment as liquidator, or provisional liquidator, of the company.