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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

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

SECTION 432  AUDITING RETURNS BY CONTROLLERS  

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[95] apply in relation to external administrations on and after 1 September 2017.]

432(1)  

(Repealed by No 11 of 2016, s 3, Sch 2[96] (effective 1 March 2017).)

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[96] apply in relation to external administrations on and after 1 September 2017.]

432(1A)  

(Repealed by No 11 of 2016, s 3, Sch 2[96] (effective 1 March 2017).)

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[96] apply in relation to external administrations on and after 1 September 2017.]

432(2)  

ASIC may, of its own motion or on the application of the corporation or a creditor of the corporation, cause the returns lodged in accordance with sections 422A and 422B to be audited by a registered company auditor appointed by ASIC and, for the purpose of the audit, the controller must furnish the auditor with such books and information as the auditor requires.

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[97] apply in relation to external administrations on and after 1 September 2017.]

432(3)  

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Where ASIC causes the returns to be audited on the request of the corporation or a creditor, ASIC may require the corporation or creditor, as the case may be, to give security for the payment of the cost of the audit.

[CCH Note: Regulation 10.25.02(3)(g) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2[98] apply in relation to external administrations on and after 1 September 2017.]

432(4)  

The costs of an audit under subsection (2) must be fixed by ASIC and ASIC may if it thinks fit make an order declaring that, for the purposes of subsection 419(1), those costs are taken to be a debt incurred by the controller as mentioned in subsection 419(1) and, where such an order is made, the controller is liable accordingly.

432(5)  

A person must comply with a requirement made under this section.

 



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