CORPORATIONS ACT 2001 - SECT 449CA Declarations by administrator--indemnities and relevant relationships

CORPORATIONS ACT 2001 - SECT 449CA

Scope

  (1)   This section applies to an administrator appointed under subsection   449C(1) otherwise than by the Court.

Declaration of relationships and indemnities

  (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

  (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 convened under subsection   449C(4).

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

  (4)   The administrator must table a copy of each declaration under subsection   (2) at the meeting convened under subsection   449C(4).

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

  (4A)   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

  (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)).

  (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

  (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)).

  (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

  (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.