Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

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

Division 3 - Liquidators  

SECTION 533   REPORTS BY LIQUIDATOR  

533(1)    
If it appears to the liquidator of a company, in the course of a winding up of the company, that:

(a)    

a past or present officer or employee, or a member or contributory, of the company may have been guilty of an offence under a law of the Commonwealth or a State or Territory in relation to the company; or

(b)    

a person who has taken part in the formation, promotion, administration, restructuring, management or winding up of the company:

(i) may have misapplied or retained, or may have become liable or accountable for, any money or property of the company; or

(ii) may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the company; or

(c)    the company may be unable to pay its unsecured creditors more than 50 cents in the dollar;

the liquidator must:

(d)    

as soon as practicable, and in any event within 6 months, after it so appears to him or her, lodge a report with respect to the matter and state in the report whether he or she proposes to make an application for an examination or order under section 597 ; and

(e)    give ASIC such information, and give to it such access to and facilities for inspecting and taking copies of any documents, as ASIC requires.

533(2)    
The liquidator may also, if he or she thinks fit, lodge further reports specifying any other matter that, in his or her opinion, it is desirable to bring to the notice of ASIC.

533(3)    
If it appears to the Court, in the course of winding up a company:

(a)    

that a past or present officer or employee, or a contributory or member, of the company has been guilty of an offence under a law referred to in paragraph (1)(a) in relation to the company; or

(b)    

that a person who has taken part in the formation, promotion, administration, restructuring, management or winding up of the company has engaged in conduct referred to in paragraph (1)(b) in relation to the company;

and that the liquidator has not lodged with ASIC a report with respect to the matter, the Court may, on the application of a person interested in the winding up, direct the liquidator so to lodge such a report.