Corporations Act 2001

If it appears to the liquidator of a company, in the course of a winding up of the company, that:

a past or present officer or employee, or a member or contributory, of the company may have been guilty of an offence under a law of the Commonwealth or a State or Territory in relation to the company; or

a person who has taken part in the formation, promotion, administration, restructuring, management or winding up of the company:

may have misapplied or retained, or may have become liable or accountable for, any money or property of the company; or

may have been guilty of any negligence, default, breach of duty or breach of trust in relation to the company; or

the company may be unable to pay its unsecured creditors more than 50 cents in the dollar;

as soon as practicable, and in any event within 6 months, after it so appears to him or her, lodge a report with respect to the matter and state in the report whether he or she proposes to make an application for an examination or order under section 597; and

give ASIC such information, and give to it such access to and facilities for inspecting and taking copies of any documents, as ASIC requires.

The liquidator may also, if he or she thinks fit, lodge further reports specifying any other matter that, in his or her opinion, it is desirable to bring to the notice of ASIC.

If it appears to the Court, in the course of winding up a company:

that a past or present officer or employee, or a contributory or member, of the company has been guilty of an offence under a law referred to in paragraph (1)(a) in relation to the company; or

that a person who has taken part in the formation, promotion, administration, restructuring, management or winding up of the company has engaged in conduct referred to in paragraph (1)(b) in relation to the company;