Commonwealth Numbered Acts

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 87

87. Before section 531 of the Corporations Law the following sections are
inserted in Division 3 of Part 5.6: Officers to help liquidator

"530A.(1) As soon as practicable after the Court orders that a company be
wound up or appoints a provisional liquidator of a company, or a company
resolves that it be wound up, each officer of the company must:

   (a)  deliver to the liquidator appointed for the purposes of the winding
        up, or to the provisional liquidator, as the case may be, all books in
        the officer's possession that relate to the company, other than books
        possession of which the officer is entitled, as against the company
        and the liquidator or provisional liquidator, to retain; and

   (b)  if the officer knows where other books relating to the company are -
        tell the liquidator or provisional liquidator where those books are.

"(2) Where a company is being wound up, or a provisional liquidator of a
company is acting, an officer of the company must:

   (a)  attend on the liquidator or provisional liquidator at such times; and

   (b)  give the liquidator or provisional liquidator such information about
        the company's business, property, affairs and financial circumstances;
        and

   (c)  attend such meetings of the company's creditors or members; as the
        liquidator or provisional liquidator reasonably requires.

"(3) An officer of a company that is being wound up must do whatever the
liquidator reasonably requires the officer to do to help in the winding up.

"(4) An officer of a company must do whatever a provisional liquidator of the
company reasonably requires the officer to do to help in the performance or
exercise of any of the provisional liquidator's functions and powers.

"(5) The liquidator or provisional liquidator of a company may require an
officer of the company:

   (a)  to tell the liquidator the officer's residential address and work or
        business address; or

   (b)  to keep the liquidator informed of any change in either of those
        addresses that happens during the winding up.

"(6) A person must not, without reasonable excuse, fail to comply with
subsection (1), (2), (3) or (4), or with a requirement under subsection (5).

"(7) In this section:
'officer', in relation to a company, means a person who is, or has been but is
no longer, an officer (as defined by section 82A) of the company.

"(8) However, a person is not an officer of a company for the purposes of this
section merely because he or she is or has been an employee of the company.

"(9) Nothing in this section limits the generality of anything else in it.
Liquidator's rights to company's books

"530B.(1) A person is not entitled, as against the liquidator of a company:

   (a)  to retain possession of books of the company; or

   (b)  to claim or enforce a lien on such books; but such a lien is not
        otherwise prejudiced.

"(2) Paragraph (1)(a) does not apply in relation to books of which a secured
creditor of the company is entitled to possession otherwise than because of a
lien, but the liquidator is entitled to inspect, and make copies of, such
books at any reasonable time.

"(3) A person must not hinder or obstruct a liquidator of a company in
obtaining possession of books of the company, unless the person is entitled,
as against the company and the liquidator, to retain possession of the books.

"(4) The liquidator of a company may give to a person a written notice
requiring the person to deliver to the liquidator, as specified in the notice,
books so specified that are in the person's possession.

"(5) A notice under subsection (4) must specify a period of at least 3 days as
the period within which the notice must be complied with.

"(6) A person must comply with a notice under subsection (4) except so far as
the person is entitled, as against the company and the liquidator, to retain
possession of the books.

"(7) In this section:
'liquidator' includes a provisional liquidator. Warrant to search for, and
seize, company's property or books

"530C.(1) The Court may issue a warrant under subsection (2) if:

   (a)  a company is being wound up or a provisional liquidator of a company
        is acting; and

   (b)  on application by the liquidator or provisional liquidator, as the
        case may be, by the Commission, the Court is satisfied that a person:

        (i)    has concealed or removed property of the company with the
               result that the taking of the property into the custody or
               control of the liquidator or provisional liquidator will be
               prevented or delayed; or

        (ii)   has concealed, destroyed or removed books of the company or is
               about to do so.

"(2) The warrant may authorise a specified person, with such help as is
reasonably necessary:

   (a)  to search for and seize property or books of the company in the
        possession of the person referred to in subsection (1); and

   (b)  to deliver, as specified in the warrant, property or books seized
        under it.

"(3) In order to seize property or books under the warrant, the specified
person may break open a building, room or receptacle where the property is or
the books are, or where the person reasonably believes the property or books
to be.

"(4) A person who has custody of property or a book because of the execution
of the warrant must retain it until the Court makes an order for its
disposal.".