CORPORATIONS LAW- SECT 538 Regulations relating to money etc. received by liquidator

Commonwealth Repealed Acts

This legislation has been repealed.

Regulations relating to money etc. received by liquidator

liquidator includes a provisional liquidator.

(a): require a liquidator to pay, into such bank and account, in such manner and at such times as are prescribed, money received by him or her;
(b): prescribe the circumstances and manner in which money paid into such an account is to be paid out;
(c): require a liquidator of a company to deposit, in such bank, in such manner and at such times as are prescribed, bills, notes or other securities payable to the company or its liquidator;
(d): prescribe the circumstances and manner in which bills, notes or other securities so deposited are to be delivered out;
(e): make provision in relation to the giving by the Court of directions with respect to the payment, deposit or custody of money payable to or into the possession of a liquidator, or of bills, notes or other securities so payable; and
(f): provide for:

(i): the payment by a liquidator of interest at such rate, on such amount and in respect of such period as is prescribed;
(ii): disallowance of all or of such part as is prescribed of the remuneration of a liquidator;
(iii): the removal from office of a liquidator by the Court; and
(iv): the payment by a liquidator of any expenses occasioned by reason of his or her default;

where a liquidator contravenes or fails to comply with regulations made under this section.

(2): Regulations made under this section may apply generally or in relation to a specified class of windings up.