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

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

40   Subsection 508(2)

Repeal the subsection, substitute:

(2) The liquidator must lay before a meeting convened under paragraph (1)(a) or subparagraph (1)(b)(i) an account of:

(a) the liquidator's acts and dealings; and

(b) the conduct of the winding up;

during that first year or that succeeding year, as the case may be.

(3) A report referred to in subparagraph (1)(b)(ii) must set out:

(a) an account of:

(i) the liquidator's acts and dealings; and

(ii) the conduct of the winding up;

during that first year or that succeeding year, as the case may be; and

(b) a description of the acts and dealings that remain to be carried out by the liquidator in order to complete the winding up; and

(c) an estimate of when the winding up is likely to be completed.

(4) If a liquidator prepares a report under subparagraph (1)(b)(ii), the liquidator must, within 14 days of lodging a copy of the report with ASIC, give each creditor of the company a written notice stating that:

(a) the liquidator has decided not to convene a meeting of the creditors under subparagraph (1)(b)(i); and

(b) the liquidator has:

(i) prepared a report under subparagraph (1)(b)(ii); and

(ii) lodged a copy of the report with ASIC; and

(c) if the creditor requests the liquidator to give the creditor a copy of the report free of charge, the liquidator will comply with the request.

Note: For electronic notification under this subsection, see section 600G.

(5) If a request is made as mentioned in paragraph (4)(c), the liquidator must comply with the request as soon as practicable.