Corporations Act 2001
[ CCH Note: Ch 2N heading will be amended by No 69 of 2020, s 3, Sch 1 [ 633], by omitting " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
View history note
Hide history noteNote: This Part does not apply to CCIVs: see subsection 1232U(1) .
[ CCH Note: S 347B heading will be amended by No 69 of 2020, s 3, Sch 1[651], by substituting " THE REGISTRAR " for " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
If the directors of a company pass a negative solvency resolution under section 347A , the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.
[ CCH Note: S 347B(1) will be amended by No 69 of 2020, s 3, Sch 1[652] and [ 653], by substituting " the Registrar " for " ASIC of that fact, in the prescribed form, " and inserting " The notification must meet any requirements of the data standards. " at the end, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
347B(2)
If: (a) subsection 347A(1) applies to the directors of a company; and (b) the directors have not passed a solvency resolution under section 347A within 2 months after a review date;
the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.
[ CCH Note 1: S 347B(2) will be amended by No 69 of 2020, s 3, Sch 1[654], by substituting " the Registrar " for " ASIC of that fact, in the prescribed form, " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note 2: S 347B(2A) will be inserted by No 69 of 2020, s 3, Sch 1[655] (effective 1 July 2026 or a day or days to be fixed by Proclamation). S 347B(2A) will read:
347B(2A)
A notification under subsection (1) or (2) must meet any requirements of the data standards.]
347B(3)
An offence based on subsection (1) or (2) is an offence of strict liability.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
