Corporations Act 2001
[ CCH Note: Ch 2N heading will be amended by No 69 of 2020, s 3, Sch 1 [ 633], by omitting " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
View history note
Hide history noteNote: This Part does not apply to CCIVs: see subsection 1232U(1) .
[ CCH Note: S 347B heading will be amended by No 69 of 2020, s 3, Sch 1[651], by substituting " THE REGISTRAR " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
If the directors of a company pass a negative solvency resolution under section 347A , the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.
[ CCH Note: S 347B(1) will be amended by No 69 of 2020, s 3, Sch 1[652] and [ 653], by substituting " the Registrar " for " ASIC of that fact, in the prescribed form, " and inserting " The notification must meet any requirements of the data standards. " at the end, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
347B(2)
If: (a) subsection 347A(1) applies to the directors of a company; and (b) the directors have not passed a solvency resolution under section 347A within 2 months after a review date;
the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.
[ CCH Note 1: S 347B(2) will be amended by No 69 of 2020, s 3, Sch 1[654], by substituting " the Registrar " for " ASIC of that fact, in the prescribed form, " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 347B(2A) will be inserted by No 69 of 2020, s 3, Sch 1[655] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 347B(2A) will read:
347B(2A)
A notification under subsection (1) or (2) must meet any requirements of the data standards.]
347B(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
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