Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 481

481. (1) The Court:

   (a)  may cause a report on the accounts of the liquidator to be prepared by
        the auditor appointed by the Commission under section 557 or by some
        other registered company auditor appointed by the Court;

   (b)  on the liquidator complying with all the requirements of the
        Court-shall take into consideration the report and any objection
        against the release of the liquidator that is made by the auditor or
        by any creditor, contributory or other person interested; and

   (c)  shall either grant or withhold the release accordingly.

(2) Where the release of a liquidator is withheld and the Court is satisfied
that the liquidator has been guilty of default, negligence, breach of trust or
breach of duty, the Court may order the liquidator to make good any loss that
the company has sustained by reason of the default, negligence, breach of
trust or breach of duty and may make such other order as it thinks fit.

(3) An order of the Court releasing the liquidator discharges him or her from
all liability in respect of any act done or default made by him or her in the
administration of the affairs of the company or otherwise in relation to his
or her conduct as liquidator, but any such order may be revoked on proof that
it was obtained by fraud or by suppression or concealment of any material
fact.

(4) Where the liquidator has not previously resigned or been removed, his or
her release operates as a removal from office.

(5) Where the Court has made:

   (a)  an order that the liquidator be released; or

   (b)  an order that the liquidator be released and that the company be
        dissolved; the liquidator shall, within 14 days after the making of
        the order, lodge an office copy of the order.

(6) Where an order is made that the company be dissolved, the company is, from
the date of the order, dissolved accordingly.