A T O home
Legal Database
Search   
for 
 
Access the database 
Browse database
Searches  
View last document
Quick access 
View legislation
View a document
Email Cross Reference Material Previous/Next Section Contents Previous/Next Result
Printable version
Printable
version

CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT  

Division 2 - Appointment of administrator and first meeting of creditors  

SECTION 436DA  DECLARATIONS BY ADMINISTRATOR - INDEMNITIES AND RELEVANT RELATIONSHIPS  

 View history reference

Scope

436DA(1)  

This section applies to an administrator appointed under section 436A, 436B or 436C.

Declaration of relationships and indemnities

436DA(2)  

As soon as practicable after being appointed, the administrator must make:


(a) a declaration of relevant relationships; and


(b) a declaration of indemnities.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Notification of creditors

436DA(3)  

The administrator must:


(a) give a copy of each declaration under subsection (2) to as many of the company's creditors as reasonably practicable; and


(b) do so at the same time as the administrator gives those creditors notice of the meeting referred to in section 436E.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

436DA(4)  

The administrator must table a copy of each declaration under subsection (2) at the meeting referred to in section 436E.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

436DA(4A)  

 View history reference
As soon as practicable after making a declaration under subsection (2), the administrator must lodge a copy of the declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Updating of declaration

436DA(5)  

If:


(a) at a particular time, the administrator makes:


(i) a declaration of relevant relationships; or

(ii) a declaration of indemnities;
under subsection (2) or this subsection; and


(b) at a later time:


(i) the declaration has become out-of-date; or

(ii) the administrator becomes aware of an error in the declaration;

the administrator must, as soon as practicable, make:


(c) if subparagraph (a)(i) applies - a replacement declaration of relevant relationships; or


(d) if subparagraph (a)(ii) applies - a replacement declaration of indemnities.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

436DA(6)  

The administrator must table a copy of a replacement declaration under subsection (5):


(a) if:

(i) there is a committee of inspection; and

(ii) the next meeting of the committee of inspection occurs before the next meeting of the company's creditors;

at the next meeting of the committee of inspection; or

 View history reference

[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[102] apply in relation to external administrations on and after 1 September 2017.]


(b) in any other case - at the next meeting of the company's creditors.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

436DA(6A)  

As soon as practicable after making a replacement declaration under subsection (5), the administrator must lodge a copy of the replacement declaration with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Defence

436DA(7)  

In a prosecution for an offence constituted by a failure to include a particular matter in a declaration under this section, it is a defence if the defendant proves that:


(a) the defendant made reasonable enquiries; and


(b) after making these enquiries, the defendant had no reasonable grounds for believing that the matter should have been included in the declaration.


 



This information is provided by CCH Australia Limited. View the disclaimer and notice of copyright.
Top of page
More information on page