Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p62
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 62/110)
Character Range: 310097–312778

under this Part.".

Orders for release or dissolution

75. Section 481 of the Corporations Law is amended by omitting from paragraph (1)(a) "557" and substituting "539".

Delivery of property to liquidator

76.     Section 483 of the Corporations Law is amended by omitting from paragraph (3)(b) "so made" and substituting "made by the Court or the company's liquidator".

77.     After section 486 of the Corporations Law the following sections are inserted:

Court may make order to prevent officer or related entity from avoiding liability to company

"486A.(1) On the application of a liquidator or provisional liquidator of a company, the Court may make one or more of the following:

    (a)     an order prohibiting, either absolutely or subject to conditions, an officer or related entity of the company from taking or sending out of this jurisdiction or out of Australia money or other property of the company or of the officer or related entity;

  (b)     an order appointing:

         (i) a receiver or trustee, with specified powers, of property of an officer of the company, or of property of a related entity of the company that is a natural person; or

         (ii) a receiver, or a receiver and manager, with specified powers, of property of a related entity of the company that is not a natural person;

    (c)     an order requiring an officer of the company, or a related entity of the company that is a natural person, to surrender to the Court his or her passport and any other specified documents;

    (d)     an order prohibiting an officer of the company, or a related entity of the company that is a natural person, from leaving Australia without the Court's consent.

  "(2) The Court may only make an order under subsection (1) if:

    (a)     the company is being wound up in insolvency or by the Court, or an application has been made for the company to be so wound up; and

    (b)     the Court is satisfied that there is at least a prima facie case that the officer or related entity is or will become liable:

         (i) to pay money to the company, whether in respect of a debt, by way of damages or compensation or otherwise; or

      (ii) to account for property of the company; and

    (c) the Court is also satisfied that there is substantial evidence that the officer or related entity:

         (i) has concealed or removed money or other property, has tried to do so, or intends to do so; or

      (ii) has tried to leave Australia, or intends to do so;

     in order to avoid that liability or its consequences; and

    (d) the Court thinks it necessary or desirable to make the order in order to protect the company's rights