THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 4 - General

SECTION 544   UNCLAIMED MONEY TO BE PAID TO COMMISSION  

544(1)  [Unclaimed money to be paid to Commission]  

Where a liquidator of a company has in his or her hands or under his or her control:

(a)  any amount being a dividend or other money that has remained unclaimed for more than 6 months after the day when the dividend or other money became payable; or

(b)  after making a final distribution, any unclaimed or undistributed amount of money arising from the property of the company;

he or she shall forthwith pay that money to the Commission to be dealt with under Part 9.7.

544(1A)  [Company with no members]  

If a liquidator has, or has control of, the money of a company that has no members, the liquidator must pay it to ASIC as soon as practicable for it to be dealt with under Part 9.7.

544(2)  [Court's powers]  

The Court may at any time, on the application of the Commission:

(a)  order a liquidator of a company to submit to it an account, verified by affidavit, of any unclaimed or undistributed funds, dividends or other money in his or her hands or under his or her control;

(b)  direct an audit of accounts submitted to it in accordance with paragraph (a); and

(c)  direct a liquidator of a company to pay any money referred to in paragraph (a) to the Commission to be dealt with under Part 9.7.

544(3)  [Receipt]  

Where a liquidator of a company pays money to the Commission pursuant to subsection (1) or (1A) or an order of the Court made under paragraph (2)(c), the liquidator is entitled to a receipt for the money so paid and the giving of that receipt discharges the liquidator from any liability in respect of the money.

544(4)  [Court's ancillary powers]  

For the purposes of this section the Court may exercise all the powers conferred by this Law with respect to the discovery and realisation of the property of a company and the provisions of this Law with respect to the exercise of those powers apply, with such adaptations as are prescribed, to proceedings under this section.

544(5)  [Operation of section]  

The provisions of this section do not, except as expressly declared in this Law, deprive a person of any other right or remedy to which the person is entitled against the liquidator or another person.