Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1   Improving outcomes for creditors

Part 3   Streamlining external administration

Corporations Act 2001

66   Subsection 427(4)

Repeal the subsection, substitute:

(4) A person who ceases to be a controller of property of a corporation must, within 7 days after so ceasing, lodge notice that the person has so ceased.