Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 539

539. (1) A liquidator shall, within 1 month after the end of the period of 6
months from the date of his or her appointment and of every subsequent period
of 6 months during which he or she acts as liquidator and within 1 month after
he or she ceases to act as liquidator, lodge:

   (a)  an account in the prescribed form and verified by a statement in
        writing showing:

        (i)    his or her receipts and his or her payments during each such
               period or, where he or she ceases to act as liquidator, during
               the period from the end of the period to which the last
               preceding account related or from the date of his or her
               appointment, as the case requires, up to the date of his or her
               so ceasing to act; and

        (ii)   in the case of the second account lodged under this subsection
               and all subsequent accounts-the aggregate amount of receipts
               and payments during all preceding periods since his or her
               appointment; and

   (b)  in the case of a liquidator other than a provisional liquidator-a
        statement in the prescribed form relating to the position in the
        winding up, verified by a statement in writing.

(2) The Commission may cause the account and, where a statement of the
position in the winding up has been lodged, that statement to be audited by a
registered company auditor, who shall prepare a report on the account and the
statement (if any).

(3) For the purposes of the audit under subsection (2) the liquidator shall
furnish the auditor with such books and information as the auditor requires.

(4) Where the Commission causes an account, or an account and a statement, to
be audited under subsection (2):

   (a)  the Commission shall furnish to the liquidator a copy of the report
        prepared by the auditor; and

   (b)  subsection 1289 (2) applies in relation to the report prepared by the
        auditor as if it were a document required to be lodged.

(5) The liquidator shall give notice that the account has been made up to
every creditor and contributory when next forwarding any report, notice of
meeting, notice of call or dividend.

(6) The costs of an audit under this section shall be fixed by the Commission
and form part of the expenses of winding up.