Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

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

Division 3 - Liquidators  

SECTION 534   PROSECUTION BY LIQUIDATOR OF DELINQUENT OFFICERS AND MEMBERS  

534(1)    
Where:

(a) a report has been lodged under section 533 ; and

(b) it appears to ASIC that the matter is not one in respect of which a prosecution ought to be begun;

it must inform the liquidator accordingly, and the liquidator may begin a prosecution for any offence referred to in the report.

534(2)    
ASIC may direct that the whole or a specified part of the costs and expenses properly incurred by a liquidator in proceedings under this section must be paid out of money of ASIC.

534(3)    

Subject to a direction under subsection (2), to any security interests in the property of the company and to any debts to which this Act gives priority, all such costs and expenses are payable out of that property as part of the costs of the winding up.