Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) If:
(a) a company has paid its review fee in respect of a review date; and
(b) the company has not lodged a notice under section 347B within 7 days after the end of the 2 month period following the review date; and
(c) the company has not lodged a financial report with ASIC under Chapter 2M within the period of 12 months before the review date;
the directors of the company are taken to have represented to ASIC, as at the end of the 2 month period following the company's review date, that, in their opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
Note: Directors are not taken to have passed a solvency resolution for the purposes of section 347A merely because they are taken, under this subsection, to have made a representation to ASIC.
(2) Subsection (1) does not apply if the directors prove that they made a positive solvency resolution under section 347A within 2 months after the end of the review date.