Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 438D

(1)

If it appears to the administrator of a company under administration that:

(a)

a past or present officer, or a member, of the company may have been guilty of an offence in relation to the company; or

(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, money or property (in Australia or elsewhere) of the company; or

(ii)

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

the administrator must:

(c)

lodge a report about the matter as soon as practicable; and

(d)

give the Commission such information, and such access to and facilities for inspecting and taking copies of documents, as the Commission requires.

(2)

The administrator may also lodge further reports specifying any other matter that, in his or her opinion, it is desirable to bring to the Commission's notice.

(3)

If it appears to the Court:

(a)

that a past or present officer, or a member, of a company under administration has been guilty of an offence in relation to the company; or

(b)

that a person who has taken part in the formation, promotion, administration, management or winding up of a company under administration has engaged in conduct of a kind referred to in paragraph (1)(b) in relation to the company;

and that the administrator has not lodged a report about the matter, the Court may, on the application of an interested person or of its own motion, direct the administrator to lodge such a report.