Corporations Regulations 2001
This regulation is made for the purposes of paragraph 500AE(3)(f) of the Act and applies in relation to the liquidator of a company that is subject to the simplified liquidation process. 5.5.05(2)
If, in the opinion of the liquidator, there are reasonable grounds to believe that: (a) a past or present officer or employee, or a member or contributory, of the company; or (b) a person who has taken part in the formation, promotion, administration, management or winding up of the company;
may have engaged in conduct constituting an offence under a law of the Commonwealth or a State or Territory in relation to the company that has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole, the liquidator must:(c) as soon as practicable, and in any event within 6 months, after first forming the opinion, lodge with ASIC a report in the prescribed form (if any) with respect to the matter and state in the report whether the liquidator proposes to make an application for an examination or order under section 597 of the Act; and (d) give ASIC such information, and give to it such access to and facilities for inspecting and taking copies of any documents, as ASIC requires. 5.5.05(3)
The liquidator may also, if the liquidator thinks fit, lodge further reports specifying any other matter that, in the liquidator ' s opinion, it is desirable to bring to the notice of ASIC. 5.5.05(4)
If it appears to the Court, in the course of winding up a company, that: (a) a person mentioned in paragraph (2)(a) or (b) has engaged in conduct constituting an offence under a law of the Commonwealth or a State or Territory in relation to the company that has had, or is likely to have, a material adverse effect on the interests of the creditors as a whole or of a class of creditors as a whole; and (b) the liquidator has not lodged with ASIC a report with respect to the matter;
the Court may, on the application of a person interested in the winding up, direct the liquidator to lodge such a report.