Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.5 - VOLUNTARY WINDING UP  

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

Division 3 - Creditors ' voluntary winding up  

Subdivision A - Liquidation process  

SECTION 497   INFORMATION ABOUT THE COMPANY ' S AFFAIRS  

497(1)    

The liquidator of the company must, within 10 business days after the day of the meeting of the company at which the resolution for voluntary winding up is passed:

(a)    send to each creditor:

(i) a summary of the affairs of the company in the prescribed form; and

(ii) a list setting out the names of all creditors, the addresses of those creditors and the estimated amounts of their claims, as shown in the records of the company; and

(b)    lodge a copy of the documents sent in accordance with paragraph (a).

497(2)    

The list referred to in subparagraph (1)(a)(ii) must identify any creditors that are related entities of the company.

497(3)    

Unless the Court orders otherwise, nothing in subsection (1) requires the liquidator to send the list referred to in subparagraph (1)(a)(ii) to a creditor whose debt does not exceed $1,000.

497(4)    

Within 5 business days after the day of the meeting of the company at which the resolution for voluntary winding up is passed or such longer period as the liquidator allows, the directors of the company must give the liquidator a report, in the prescribed form, about the company ' s business, property, affairs and financial circumstances.

497(5)    

An offence based on subsection (4) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code .

497(6)    

The liquidator must, within 10 business days after receiving a report under subsection (4) , lodge a copy of the report.

497(7)    

A person must not contravene subsection (6) .

497(8)    

An offence based on subsection (7) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code .

497(9)    
Subsection (7) 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 this subsection, see subsection 13.3(3) of the Criminal Code .