THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 3 - Liquidators

SECTION 539   LIQUIDATOR'S ACCOUNTS  

539(1A)  [``liquidator'']  

In this section:

``liquidator'' includes a provisional liquidator.

539(1)  [Lodgment of half-yearly accounts]  

A liquidator shall, within 1 month after the end of the period of 6 months from the date of his or her appointment and of every subsequent period of 6 months during which he or she acts as liquidator and within 1 month after he or she ceases to act as liquidator, lodge:

(a)  an account in the prescribed form and verified by a statement in writing showing:

(i) his or her receipts and his or her payments during each such period or, where he or she ceases to act as liquidator, during the period from the end of the period to which the last preceding account related or from the date of his or her appointment, as the case requires, up to the date of his or her so ceasing to act; and

(ii) in the case of the second account lodged under this subsection and all subsequent accounts - the aggregate amount of receipts and payments during all preceding periods since his or her appointment; and

(b)  in the case of a liquidator other than a provisional liquidator - a statement in the prescribed form relating to the position in the winding up, verified by a statement in writing.

539(2)  [Audit]  

The Commission may cause the account and, where a statement of the position in the winding up has been lodged, that statement to be audited by a registered company auditor, who shall prepare a report on the account and the statement (if any).

539(3)  [Books and information]  

For the purposes of the audit under subsection (2) the liquidator shall furnish the auditor with such books and information as the auditor requires.

539(4)  [Auditor's report]  

Where the Commission causes an account, or an account and a statement, to be audited under subsection (2):

(a)  the Commission shall furnish to the liquidator a copy of the report prepared by the auditor; and

(b)  subsection 1289(2) applies in relation to the report prepared by the auditor as if it were a document required to be lodged.

539(5)  [Notice to creditors and contributories]  

The liquidator shall give notice that the account has been made up to every creditor and contributory when next forwarding any report, notice of meeting, notice of call or dividend.

539(6)  [Costs of audit]  

The costs of an audit under this section shall be fixed by the Commission and form part of the expenses of winding up.