Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 432

432. (1) A receiver of property of a corporation shall, within one month after
the end of the period of 6 months (or such lesser period as the receiver
determines) from the date of the receiver's appointment and of every
subsequent period of 6 months during which the receiver acts as receiver, and
within one month after the receiver ceases to act as receiver, lodge an
account in the prescribed form showing:

   (a)  the receiver's receipts and payments during each such period or, where
        the receiver ceases to act as receiver, during the period from the end
        of the period to which the last account related or from the date of
        the receiver's appointment, as the case requires, up to the date of
        the receiver so ceasing to act;

   (b)  except in the case of the first account lodged under this
        subsection-the aggregate amount of receipts and payments during all
        preceding periods since the receiver's appointment; and

   (c)  where the receiver has been appointed under a power contained in an
        instrument-the amount (if any) owing under that instrument:

        (i)    in the case of the first account-at the time of the receiver's
               appointment and at the end of the period to which the account
               relates; and

        (ii)   in the case of any other account-at the end of the period to
               which the account relates; and the receiver's estimate of the
               total value, at the end of the period to which the account
               relates, of the property of the corporation that is subject to
               the instrument.

(2) The Commission may, of its own motion or on the application of the
corporation or a creditor of the corporation, cause the accounts lodged in
accordance with subsection (1) to be audited by a registered company auditor
appointed by the Commission and, for the purpose of the audit, the receiver
shall furnish the auditor with such books and information as the auditor
requires.

(3) Where the Commission causes the accounts to be audited on the request of
the corporation or a creditor, the Commission may require the corporation or
creditor, as the case may be, to give security for the payment of the cost of
the audit.

(4) The costs of an audit under subsection (2) shall be fixed by the
Commission and the Commission may if it thinks fit make an order declaring
that, for the purposes of subsection 419 (1), those costs shall be deemed to
be a debt incurred by the receiver in the course of the receivership for
services rendered and, where such an order is made, the receiver is liable for
those costs in accordance with section 419 as if they were such a debt.

(5) A person shall comply with a requirement made under this section.