Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If the directors of a company pass a negative solvency resolution under section 347A, the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.
(2) If:
(a) subsection 347A(1) applies to the directors of a company; and
(b) the directors have not passed a solvency resolution under section 347A within 2 months after a review date;
the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.
(3) An offence based on subsection (1) or (2) is an offence of strict liability.