THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

Division 2 - Court-appointed liquidators

SECTION 475   REPORT AS TO COMPANY'S AFFAIRS TO BE SUBMITTED TO LIQUIDATOR  

475(1A)  [``liquidator'']  

In this section:

``liquidator'' includes a provisional liquidator.

475(1)  [Statement by directors and secretary]  

There shall be made out and verified by a statement in writing in the prescribed form, and submitted to the liquidator, by the persons who were, at the date of the winding up order or, if the liquidator specifies an earlier date, that earlier date, the directors and secretary of the company a report in the prescribed form as to the affairs of the company as at the date concerned.

475(2)  [Other persons]  

The liquidator may, by notice in writing served personally or by post addressed to the last known address of the person, require one or more persons included in one or more of the following classes of persons to make out as required by the notice, verify by a statement in writing in the prescribed form, and submit to him or her, a report, containing such information as is specified in the notice as to the affairs of the company or as to such of those affairs as are specified in the notice, as at a date specified in the notice:

(a)  persons who are or have been officers of the company;

(b)  where the company was formed within one year before the date of the winding up order - persons who have taken part in the formation of the company;

(c)  persons who are employed by the company or have been employed by the company within one year before the date of the winding up order and are, in the opinion of the liquidator, capable of giving the information required;

(d)  persons who are, or have been within one year before the date of the winding up order, officers of, or employed by, a body corporate that is, or within that year was, an officer of the company to the affairs of which the report relates;

(e)  a person who was a provisional liquidator of the company.

475(3)  [Specification of information required]  

The liquidator may, in a notice under subsection (2), specify the information that he or she requires as to affairs of the company by reference to information required by this Law or the regulations to be included in any other report, statement or notice under this Law.

475(4)  [Time for submission by directors and secretary]  

A report referred to in subsection (1) shall, subject to subsection (6), be submitted to the liquidator not later than 14 days after the making of the winding up order.

475(5)  [Time for other persons]  

A person required to submit a report referred to in subsection (2) shall, subject to subsection (6), submit it not later than 14 days after the liquidator serves notice of the requirement.

475(6)  [Extension of time]  

Where the liquidator believes there are special reasons for so doing, he or she may, on an application in writing made to him or her before the end of the time limited by subsection (4) or (5) for the submission by the applicant of a report under subsection (1) or (2), grant, by notice in writing, an extension of that time.

475(7)  [Filing and lodgment of copies]  

A liquidator:

(a)  shall, within 7 days after receiving a report under subsection (1) or (2), cause a copy of the report to be filed with the Court and a copy to be lodged; and

(b)  shall, where he or she gives a notice under subsection (6), as soon as practicable lodge a copy of the notice.

475(8)  [Costs of making report]  

A person making or concurring in making a report required by this section and verifying it as required by this section shall, subject to the rules, be allowed, and shall be paid by the liquidator out of the property of the company, such costs and expenses incurred in and about the preparation and making of the report and the verification of that report as the liquidator considers reasonable.

475(9)  [Contravention of provision of section]  

A person shall not, without reasonable excuse, contravene a provision of this section other than subsection (7).

475(10)  [Contravention of subsec (7)]  

A person shall not, without reasonable excuse, contravene subsection (7).