Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 347B

             (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.