THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 3 - Liquidators

SECTION 540   LIQUIDATOR TO REMEDY DEFAULTS  

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540(1A)  [``liquidator'']  

In this section:

``liquidator'' includes a provisional liquidator.

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History

S 540(1A) inserted by No 210 of 1992, s 72 (effective 23 June 1993).

CCH Note: See s 1382-1383.

540(1)  [Court order]  

If any liquidator who has made any default in lodging or making any application, return, account or other document, or in giving any notice that he or she is by law required to lodge, make or give, fails to make good the default within 14 days after the service on him or her of a notice requiring him or her to do so, the Court may, on the application of any contributory or creditor of the company or the Commission, make an order directing the liquidator to make good the default within such time as is specified in the order.

540(2)  [Costs of application]  

Any order made under subsection (1) may provide that all costs of and incidental to the application shall be borne by the liquidator.

540(3)  [No effect on criminal liability]  

Nothing in subsection (1) prejudices the operation of any law imposing penalties on a liquidator in respect of any such default.

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