(a) an order under section 480 (c) that he or she be released, or
(b) an
order under section 480 (d) that he or she be released and that the
subject corporation be dissolved,
must be made by motion in the winding up
proceedings.
(2) An application by a liquidator for an order under section
480 (c) that he or she be released must state the grounds on which it is
contended that the subject corporation should not be dissolved.
(3) Unless
the Court otherwise orders, the liquidator must, not less then 21 days prior
to filing notice of the motion--
by prepaid post to each creditor who has
proved his or her debt and to each contributory, and
(b) cause notice of the
application in form 154M to be published in the Commonwealth of Australia
Gazette.
(4) Where a liquidator applies for an order under section 480 (c) or
section 480 (d), he or she shall file with notice of the motion--
(a) a
summary of receipts and payments in the winding up,
(b) a statement showing
the position of the subject corporation at the date the application was filed,
and
(c) an affidavit--
(i) stating whether the whole of the property of the
subject corporation has been realised, or whether so much of the property of
the subject corporation has been realised as can be realised without
needlessly prolonging the liquidation,
(ii) stating details of any calls made
upon contributories in the course of the winding up,
(iii) stating details of
any dividends paid in the course of the winding up,
(iv) stating whether the
committee of inspection, if any, has passed a resolution approving of the
liquidator's release,
(v) stating whether ASIC has appointed an auditor to
report on an account or a statement of the position in the winding up under
section 539 (2),
(vi) stating whether the Court has ordered a report on the
accounts of the liquidator to be prepared,
(vii) stating whether any
objection has been received by the liquidator to his or her release as
liquidator of the subject corporation from any auditor appointed by ASIC or by
the Court or from any creditor, contributory or other person interested,
(viii) stating whether any report has been submitted by the liquidator to ASIC
under section 533,
(ix) stating whether the unsecured creditors of the
subject corporation have been paid more than 50 cents in the dollar and
whether it is otherwise necessary to report on the affairs of the
subject corporation or its officers,
(x) stating details of any onerous
property disclaimed in the course of the winding up,
(xi) stating details of
any costs and expenses payable by the liquidator if the Court grants his or
her release,
(xii) annexing a copy of--
(A) the notice sent to each creditor
and contributory in compliance with paragraph (a) of subrule (3), and
(B) the
notice published in the Commonwealth of Australia Gazette in compliance with
paragraph (b) of subrule (3), and
(xiii) including statements by the
liquidator to the following effect--
(A) "To the best of my belief there has
been no act done or default made by me in the administration of the affairs of
the subject corporation or otherwise in relation to my conduct as liquidator
which is likely to give rise to any liability to the subject corporation or
any creditor or contributory" and, where applicable, add "except as disclosed
in this affidavit",
(B) "I am not aware of any claim made by any person that
there has been any such act or default" and, where applicable, add "except as
disclosed in this affidavit".
(5) A creditor or contributory who wishes to
object to the grant of release to a liquidator must deliver to the liquidator
a notice of objection stating the grounds of objection within 21 days of
publication of the notice referred to in subrule (3) (b).
(6) Where the
applicant files with the notice of motion an affidavit made after the
expiration of the 21 days--
(a) proving compliance with subrule (3), and
(b)
stating that he has received no notice of objection to the release,
and the
notice of motion is endorsed with a request that the application be determined
or dealt with in the absence of the public and without an attendance by or on
behalf of the applicant, the application may be so determined or dealt with by
the Court.
