Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_40
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 40
Character Range: 47145–48795

40  Subsection 508(2)
Repeal the subsection, substitute:

 (2) The liquidator must lay before a meeting convened under paragraph (1)(a) or subparagraph (1)(b)(i) an account of:
 (a) the liquidator's acts and dealings; and
 (b) the conduct of the winding up;
during that first year or that succeeding year, as the case may be.

 (3) A report referred to in subparagraph (1)(b)(ii) must set out:
 (a) an account of:
 (i) the liquidator's acts and dealings; and
 (ii) the conduct of the winding up;
  during that first year or that succeeding year, as the case may be; and
 (b) a description of the acts and dealings that remain to be carried out by the liquidator in order to complete the winding up; and
 (c) an estimate of when the winding up is likely to be completed.

 (4) If a liquidator prepares a report under subparagraph (1)(b)(ii), the liquidator must, within 14 days of lodging a copy of the report with ASIC, give each creditor of the company a written notice stating that:
 (a) the liquidator has decided not to convene a meeting of the creditors under subparagraph (1)(b)(i); and
 (b) the liquidator has:
 (i) prepared a report under subparagraph (1)(b)(ii); and
 (ii) lodged a copy of the report with ASIC; and
 (c) if the creditor requests the liquidator to give the creditor a copy of the report free of charge, the liquidator will comply with the request.

Note: For electronic notification under this subsection, see section 600G.

 (5) If a request is made as mentioned in paragraph (4)(c), the liquidator must comply with the request as soon as practicable.

Part 3—Streamlining external administration

Corporations Act 2001