Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS  

Note: This Part applies to CCIVs with modifications: see Division 3 of Part 8B.6 .

SECTION 423   SUPERVISION OF CONTROLLER  

423(1)    
If:

(a)    

it appears to the Court or to ASIC that a controller of property of a corporation has not faithfully performed, or is not faithfully performing, the controller ' s functions or has not observed, or is not observing, a requirement of:

(i) in the case of a receiver - the order by which, or the instrument under which, the receiver was appointed; or

(ii) otherwise - an instrument under which the controller entered into possession, or took control, of that property; or

(iii) in any case - the Court; or

(iv) in any case - this Act, the regulations or the rules of court; or

(b)    a person complains to the Court or to ASIC about an act or omission of a controller of property of a corporation in connection with performing or exercising any of the controller ' s functions and powers;

the Court or ASIC, as the case may be, may inquire into the matter and, where the Court or ASIC so inquires, the Court may take such action as it thinks fit.

423(2)    
ASIC may report to the Court any matter that in its opinion is a misfeasance, neglect or omission on the part of a controller of property of a corporation and the Court may order the controller to make good any loss that the estate of the corporation has sustained thereby and may make such other order or orders as it thinks fit.

423(3)    
The Court may at any time:

(a)    require a controller of property of a corporation to answer questions about the performance or exercise of any of the controller ' s functions and powers as controller; or

(b)    examine a person about the performance or exercise by such a controller of any of the controller ' s functions and powers as controller; or

(c)    direct an investigation to be made of such a controller ' s books.