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

Schedule 4   Fine-tuning voluntary administration

Part 1   General

Corporations Act 2001

10   At the end of Division 4 of Part 5.3A

Add:

438E Administrator's accounts

Accounts to be lodged

(1) The administrator of a company under administration must, within one month after:

(a) the end of the 6-month period beginning on the date of his or her appointment; and

(b) the end of each subsequent 6-month period during which he or she is the administrator of the company;

lodge an account that:

(c) is in the prescribed form; and

(d) is verified by a written statement; and

(e) shows his or her receipts and payments during the relevant 6-month period; and

(f) in the case of the second or subsequent account lodged under this subsection - also shows the aggregate amount of receipts and payments during all preceding 6-month periods since his or her appointment.

(2) A person who ceases to be the administrator of a company under administration must, within one month after the cessation, lodge an account that:

(a) is in the prescribed form; and

(b) is verified by a written statement; and

(c) if he or she has previously been required to lodge an account under subsection (1) - shows his or her receipts and payments during the period:

(i) beginning at the end of the 6-month period to which the most recent account under subsection (1) related; and

(ii) ending at the cessation; and

(d) if he or she has previously been required to lodge an account under subsection (1) - also shows the aggregate amount of receipts and payments during all previous 6-month periods since his or her appointment; and

(e) if he or she has not previously been required to lodge an account under subsection (1) - shows his or her receipts and payments during the period beginning on:

(i) the date of his or her appointment; and

(ii) ending at the cessation.

Audit

(3) If an account is lodged under subsection (1) or (2), ASIC may cause the account to be audited by a registered company auditor.

(4) The auditor must prepare a report on the account.

(5) For the purposes of the audit under subsection (3), the administrator or former administrator must give the auditor such books and information as the auditor requires.

(6) If ASIC causes an account to be audited under subsection (3):

(a) ASIC must give the administrator or former administrator a copy of the report by the auditor; and

(b) subsection 1289(5) applies in relation to the report prepared by the auditor as if it were a document required to be lodged.

(7) The costs of an audit under this section are to be fixed by ASIC and form part of the expenses of administration.