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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 4 - Administrator investigates company's affairs  

SECTION 438B  DIRECTORS TO HELP ADMINISTRATOR  

438B(1)  

As soon as practicable after the administration of a company begins, each director must:


(a) deliver to the administrator all books in the director's possession that relate to the company, other than books that the director is entitled, as against the company and the administrator, to retain; and


(b) if the director knows where other books relating to the company are - tell the administrator where those books are.

438B(2)  

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Within 5 business days after the administration of a company begins or such longer period as the administrator allows, the directors must give to the administrator a report in the prescribed form about the company's business, property, affairs and financial circumstances.

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

438B(2A)  

The administrator must, within 5 business days after receiving a report under subsection (2), lodge a copy of the report.

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

438B(3)  

A director of a company under administration must:


(a) attend on the administrator at such times; and


(b) give the administrator such information about the company's business, property, affairs and financial circumstances;

as the administrator reasonably requires.

438B(4)  

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A person must not fail to comply with subsection (1), (2), (2A) or (3).

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

438B(5)  

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An offence based on subsection (4) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.

438B(6)  

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Subsection (4) does not apply to the extent that the person has a reasonable excuse.

Note: A defendant bears an evidential burden in relation to the matter in subsection (6), see subsection 13.3(3) of the Criminal Code.


 



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