Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 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.