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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS  

SECTION 422  REPORTS BY RECEIVER OR MANAGING CONTROLLER  

422(1)  

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If it appears to the receiver or managing controller of property of a corporation that:


(a) a past or present officer or employee, or a member, of the corporation may have been guilty of an offence in relation to the corporation; or
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(b) a person who has taken part in the formation, promotion, administration, management or winding up of the corporation:


(i) may have misapplied or retained, or may have become liable or accountable for, any money or property (whether the property is in Australia or elsewhere) of the corporation; or

(ii) may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the corporation;

the receiver or managing controller must:


(c) lodge as soon as practicable a report about the matter; and


(d) give to ASIC such information, and such access to and facilities for inspecting and taking copies of any documents, as ASIC requires.

422(2)  

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The receiver or managing controller may also lodge further reports specifying any other matter that, in the opinion of the receiver or managing controller, it is desirable to bring to the notice of ASIC.

422(3)  

If it appears to the Court:


(a) that a past or present officer or employee, or a member, of a corporation in respect of property of which a receiver has been appointed has been guilty of an offence in relation to the corporation; or
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(b) that a person who has taken part in the formation, promotion, administration, management or winding up of a corporation in respect of property of which a receiver has been appointed has engaged in conduct referred to in paragraph (1)(b) in relation to the corporation;

and that the receiver has not lodged a report about the matter, the Court may, on the application of a person interested in the appointment of the receiver, direct the receiver to lodge such a report.

422(4)  

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If:


(a) there is a managing controller in relation to property of a corporation; and


(b) it appears to the Court that:


(i) a past or present officer or employee, or a member, of the corporation has been guilty of an offence in relation to the corporation; or

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


(c) it appears to the Court that the managing controller has not lodged a report about the matter;

the Court may, on the application of a person interested in the appointment of the managing controller, direct the managing controller to lodge such a report.


 



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