THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

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

SECTION 432   LODGING CONTROLLER'S ACCOUNTS  

432(1)  [Accounts to be lodged every six months]  

A controller of property of a corporation must lodge an account:

(a)  within one month after the end of:

(i) 6 months, or such shorter period as the controller determines, after the day when the controller became a controller of property of the corporation; and

(ii) each subsequent period of 6 months throughout which the controller is a controller of property of the corporation; and

(b)  within one month after the controller ceases to be a controller of property of the corporation.

432(1A)  [Contents of accounts]  

An account must be in the prescribed form and show:

(a)  the controller's receipts and payments during:

(i) in the case of an account under paragraph (1)(a) - the 6 months or shorter period, as the case requires; or

(ii) in the case of an account under paragraph (1)(b) - the period beginning at the end of the period to which the last account related, or on the control day, as the case requires, and ending on the day when the controller so ceased; and

(b)  except in the case of an account lodged under subparagraph (1)(a)(i) - the respective aggregates of the controller's receipts and payments since the control day; and

(c)  in the case of:

(i) a receiver appointed under a power contained in an instrument; or

(ii) anyone else who is in possession, or has control, of property of the corporation for the purpose of enforcing a charge;

the following:

(iii) the amount (if any) owing under that instrument or charge:

(A) in the case of an account lodged under subparagraph (1)(a)(i) - at the end of the control day and at the end of the period to which the account relates; or

(B) otherwise - at the end of the period to which the account relates;

(iv) the controller's estimate of the total value, at the end of the period to which the account relates, of the property of the corporation that is subject to the instrument or charge.

432(2)  [Auditing of accounts]  

The Commission may, of its own motion or on the application of the corporation or a creditor of the corporation, cause the accounts lodged in accordance with subsection (1) to be audited by a registered company auditor appointed by the Commission and, for the purpose of the audit, the controller must furnish the auditor with such books and information as the auditor requires.

432(3)  [Security for cost of audit]  

Where the Commission causes the accounts to be audited on the request of the corporation or a creditor, the Commission may require the corporation or creditor, as the case may be, to give security for the payment of the cost of the audit.

432(4)  [Costs of audit]  

The costs of an audit under subsection (2) shall be fixed by the Commission and the Commission may if it thinks fit make an order declaring that, for the purposes of subsection 419(1), those costs shall be deemed to be a debt incurred by the controller as mentioned in subsection 419(1) and, where such an order is made, the controller is liable accordingly.

432(5)  [Duty to comply]  

A person shall comply with a requirement made under this section.