Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

19   After section 59

Insert:

60 Declaration of relevant relationships

Administrator

(1) In this Act, a declaration of relevant relationships , in relation to an administrator of a company under administration, means a written declaration:

(a) stating whether any of the following:

(i) the administrator;

(ii) if the administrator's firm (if any) is a partnership - a partner in that partnership;

(iii) if the administrator's firm (if any) is a body corporate - that body corporate or an associate of that body corporate;

has, or has had within the preceding 24 months, a relationship with:

(iv) the company; or

(v) an associate of the company; or

(vi) a former liquidator, or former provisional liquidator, of the company; or

(vii) a person who is entitled to enforce a charge on the whole, or substantially the whole, of the company's property; and

(b) if so, stating the administrator's reasons for believing that none of the relevant relationships result in the administrator having a conflict of interest or duty.

Liquidator

(2) In this Act, a declaration of relevant relationships , in relation to a liquidator of a company, means a written declaration:

(a) stating whether any of the following:

(i) the liquidator;

(ii) if the liquidator's firm (if any) is a partnership - a partner in that partnership;

(iii) if the liquidator's firm (if any) is a body corporate - that body corporate or an associate of that body corporate;

has, or has had within the preceding 24 months, a relationship with:

(iv) the company; or

(v) an associate of the company; or

(vi) a former liquidator, or former provisional liquidator, of the company; or

(vii) a former administrator of the company; or

(viii) a former administrator of a deed of company arrangement executed by the company; and

(b) if so, stating the liquidator's reasons for believing that none of the relevant relationships result in the liquidator having a conflict of interest or duty.