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CORPORATIONS ACT 2001 - SECT 458H

Obligation on registered liquidator to report

    A registered liquidator contravenes this section if:

  (a)   the directors of a company have published under subparagraph   458E(1)(a)(ii) notice of a declaration under subparagraph   458E(1)(a)(i) that has not expired; and

  (b)   the registered liquidator suspects that there are not reasonable grounds to believe either or both of the following:

  (i)   the company is insolvent, or is likely to become insolvent before the declaration under subparagraph   458E(1)(a)(i) expires;

  (ii)   the eligibility criteria for restructuring would be met in relation to the company if a restructuring practitioner were appointed on the day on which notice of the declaration made under subparagraph   458E(1)(a)(i) is published, or on any day afterwards on which the declaration has not expired; and

  (c)   the company has not ceased to be eligible for temporary restructuring relief under subsection   458E(5); and

  (d)   the registered liquidator does not give ASIC notice in writing setting out the registered liquidator's reasons for forming the suspicion mentioned in paragraph   (b) of this section, within 5 business days after first forming the suspicion.

Note:   Failure to comply with this subsection is an offence (see subsection   1311(1)).

Note:   This Part applies to a sub - fund of a CCIV in a modified form: see Division   5 of Part   8B.6.


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