Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3B - RESTRUCTURING OF A COMPANY  

Note: This Part does not apply to a CCIV or a sub-fund of a CCIV: see Division 4 of Part 8B.6 .

Division 2 - Restructuring  

Subdivision C - Role of the restructuring practitioner during restructuring  

SECTION 453F   DIRECTORS TO HELP RESTRUCTURING PRACTITIONER  

453F(1)    
A director of a company under restructuring must:

(a)    attend on the restructuring practitioner; and

(b)    give the restructuring practitioner information about the company ' s business, property, affairs and financial circumstances; and

(c)    allow the restructuring practitioner to inspect and take copies of the company ' s books;

at the times and in the manner reasonably required by the restructuring practitioner.

453F(2)    
A person must not fail to comply with subsection (1) .

Penalty: 120 penalty units.

453F(3)    
An offence based on subsection (1) is an offence of strict liability.

453F(4)    
Subsection (3) does not apply to the extent that the person has a reasonable excuse.

Note: A defendant bears an evidential burden in relation to the matter in subsection (4) , see subsection 13.3(3) of the Criminal Code .