Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 443

443. (1) Subject to subsection (2), within 2 months after the end of the
period of 6 months beginning on the date of his or her appointment as official
manager and of each subsequent period of 6 months, or, if the Commission, at
any time before the end of any such period, requires or permits him or her to
do so in respect of a lesser period specified by the Commission, within 2
months after the end of the period so specified, the official manager of a
company shall:

   (a)  prepare a statement showing the assets and liabilities of the company
        as at the last day of the period and a report containing such other
        information as he or she thinks necessary to enable the creditors and
        members of the company to assess the financial position of the company
        as at the last day of the period;

   (b)  convene a meeting of the creditors and members of the company to
        consider the statement and report; and

   (c)  cause the statement and report to be laid before the creditors and
        members at that meeting.

(2) Where under subsection (1) the Commission has required or permitted the
preparation of a statement and report in respect of a period of less than 6
months, the next period of 6 months shall commence at the end of that lesser
period.

(3) The official manager of a company shall attach to each statement referred
to in subsection (1):

   (a)  a statement signed by him or her; and

   (b)  in the case of a company that is required by this Act to appoint a
        person to be its auditor-a statement signed by the auditor; stating in
        each case whether or not, in the opinion of the person by whom the
        statement is signed, the statement referred to in subsection (1) is
        drawn up so as to give a true and fair view of the affairs of the
        company.

(4) An auditor of a company shall supply to the official manager of the
company at his or her request a statement he or she requires for the purposes
of complying with subsection (3).

(5) The official manager of the company shall cause copies of the statement
and report referred to in this section to be kept and to be available for
inspection by any creditor or member of the company at the registered office
of the company.

(6) The official manager shall:

   (a)  give written notice to every creditor and member of the company that
        the statement referred to in subsection (1) has been made up when next
        sending to the creditors or members any report, notice of meeting,
        notice of call or dividend relating to the company; and

   (b)  in the notice inform creditors and members of the company at what
        address, and between what hours, the statement may be inspected.

(7) Within 7 days after a meeting is held under subsection (1), the official
manager shall lodge a notice in the prescribed form of the holding of the
meeting and of the day on which it was held, together with a copy of each
statement and report laid before the creditors and members at that meeting.

(8) Where a quorum is not present at a meeting convened in accordance with
subsection (1), the official manager shall, within 7 days after the day for
which the meeting was convened or, if the meeting was adjourned and no quorum
is present at the adjourned meeting, within 7 days after the day to which the
meeting was adjourned, lodge with the Commission:

   (a)  a notice stating:

        (i)    that the meeting was duly convened and that no quorum was
               present; or (ii) that the meeting was duly convened and
               adjourned and that no quorum was present at the adjourned
               meeting;
as the case requires; and

   (b)  a copy of the statement and a copy of the report prepared in
        accordance with paragraph (1) (a).

(9) Where the statement referred to in subsection (1) is not accompanied by a
statement signed by a registered company auditor, the Commission may cause the
statement referred to in subsection (1) to be audited by a registered company
auditor appointed by the Commission, and, for the purposes of the audit, the
official manager shall furnish to the auditor such books and information as
the auditor requires.

(10) The costs of an audit under subsection (9) shall be fixed by the
Commission and are part of the costs of the official management.