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

Schedule 1   Improving outcomes for creditors

Part 3   Streamlining external administration

Corporations Act 2001

64   At the end of section 422

Add:

(4) If:

(a) there is a managing controller in relation to property of a corporation; and

(b) it appears to the Court that:

(i) a past or present officer or employee, or a member, of the corporation has been guilty of an offence in relation to the corporation; or

(ii) a person who has taken part in the formation, promotion, administration, management or winding up of the corporation has engaged in conduct referred to in paragraph (1)(b) in relation to the corporation; and

(c) it appears to the Court that the managing controller has not lodged a report about the matter;

the Court may, on the application of a person interested in the appointment of the managing controller, direct the managing controller to lodge such a report.