THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS

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SECTION 422   REPORTS BY RECEIVER  

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422(1)  [Matters to be reported]  

If it appears to the receiver of property of a corporation that:

(a)  a past or present officer, or a member, of the corporation may have been guilty of an offence in relation to the corporation; or

(b)  a person who has taken part in the formation, promotion, administration, management or winding up of the corporation:

(i) may have misapplied or retained, or may have become liable or accountable for, any money or property (whether the property is within or outside Australia) of the corporation; or
(ii) may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the corporation;

the receiver shall:

(c)  lodge as soon as practicable a report about the matter; and

(d)  give to the Commission such information, and such access to and facilities for inspecting and taking copies of any documents, as the Commission requires.

422(2)  [Further reports]  

The receiver may also lodge further reports specifying any other matter that, in the receiver's opinion, it is desirable to bring to the notice of the Commission.

422(3)  [Court direction]  

If it appears to the Court:

(a)  that a past or present officer, or a member, of a corporation in respect of property of which a receiver has been appointed has been guilty of an offence under a law referred to in paragraph (1)(a) in relation to the corporation; or

(b)  that a person who has taken part in the formation, promotion, administration, management or winding up of a corporation in respect of property of which a receiver has been appointed has engaged in conduct referred to in paragraph (1)(b) in relation to the corporation;

and that the receiver has not lodged a report about the matter, the Court may, on the application of a person interested in the appointment of the receiver or of its own motion, direct the receiver to lodge such a report.

 

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