Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 540

Liquidator to remedy defaults

(1A) In this section:

"liquidator" includes a provisional liquidator.

(1) If any liquidator who has made any default in lodging or making any application, return, account or other document, or in giving any notice that he or she is by law required to lodge, make or give, fails to make good the default within 14 days after the service on him or her of a notice requiring him or her to do so, the Court may, on the application of any contributory or creditor of the company or ASIC, make an order directing the liquidator to make good the default within such time as is specified in the order. (2) Any order made under subsection (1) may provide that all costs of and incidental to the application must be borne by the liquidator. (3) Nothing in subsection (1) prejudices the operation of any law imposing penalties on a liquidator in respect of any such default.

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