Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 533

533. (1) If it appears to the liquidator of a company, in the course of a
winding up of the company, that:

   (a)  a past or present officer, or a member or contributory, of the company
        may have been guilty of an offence under a law of the Commonwealth or
        a State or Territory in relation to the company;

   (b)  a person who has taken part in the formation, promotion,
        administration, management or winding up of the company:

        (i)    may have misapplied or retained, or may have become liable or
               accountable for, any money or property of the company; or

        (ii)   may have been guilty of any negligence, default, breach of duty
               or breach of trust in relation to the company; or

   (c)  the company may be unable to pay its unsecured creditors more than 50
        cents in the dollar; the liquidator shall:

   (d)  as soon as practicable lodge a report with respect to the matter and
        state in the report whether he or she proposes to make an application
        for an examination or order under section 597; and

   (e)  furnish the Commission with such information, and give to it such
        access to and facilities for inspecting and taking copies of any
        documents, as the Commission requires.

(2) The liquidator may also, if he or she thinks fit, lodge further reports
specifying any other matter that, in his or her opinion, it is desirable to
bring to the notice of the Commission.

(3) If it appears to the Court, in the course of winding up a company:

   (a)  that a past or present officer, or a contributory or member, of the
        company has been guilty of an offence under a law referred to in
        paragraph (1) (a) in relation to the company; or

   (b)  that a person who has taken part in the formation, promotion,
        administration, management or winding up of the company has engaged in
        conduct referred to in paragraph (1) (b) in relation to the company;
        and that the liquidator has not lodged with the Commission a report
        with respect to the matter, the Court may, on the application of a
        person interested in the winding up or of its own motion, direct the
        liquidator so to lodge such a report.