Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.4B - WINDING UP IN INSOLVENCY OR BY THE COURT  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 3 - General powers of Court  

Subdivision A - General powers  

SECTION 486B   WARRANT TO ARREST PERSON WHO IS ABSCONDING, OR WHO HAS DEALT WITH PROPERTY OR BOOKS, IN ORDER TO AVOID OBLIGATIONS IN CONNECTION WITH WINDING UP  

486B(1)   [ Warrant for arrest]  

The Court may issue a warrant for a person to be arrested and brought before the Court if:

(a) a company is being wound up in insolvency or by the Court, or an application has been made for a company to be so wound up; and

(b) the Court is satisfied that the person:

(i) is about to leave this jurisdiction, or Australia, in order to avoid:

(A) paying money payable to the company; or

(B) being examined about the company's affairs; or

(C) complying with an order of the Court, or some other obligation, under this Chapter in connection with the winding up; or

(ii) has concealed or removed property of the company in order to prevent or delay the taking of the property into the liquidator's custody or control; or

(iii) has destroyed, concealed or removed books of the company or is about to do so.

Note: For procedures relating to such a warrant, see Subdivision B.

486B(2)   [ Seizure of property and books]  

A warrant under subsection (1) may also provide for property or books of the company in the person's possession to be seized and delivered into the custody of a specified person.

486B(3)   [ Who may apply]  

A warrant under subsection (1) may only be issued on the application of:

(a) a liquidator or provisional liquidator of the company; or

(b) ASIC.