Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 445HA

Director to notify administrator

  (1)   If a director of a company that is subject to a deed of company arrangement becomes aware that:

  (a)   there has been a material contravention of the deed by a person bound by the deed (who may be the director); or

  (b)   there is likely to be a material contravention of the deed by a person bound by the deed (who may be the director);

the director must, as soon as practicable after becoming aware of the contravention or likely contravention, give notice of the contravention or likely contravention to the administrator of the deed of company arrangement.

Administrator to notify company's creditors

  (2)   If the administrator of a deed of company arrangement becomes aware that:

  (a)   there has been a material contravention of the deed by a person bound by the deed (who may be the administrator); or

  (b)   there is likely to be a material contravention of the deed by a person bound by the deed (who may be the administrator);

the administrator must, as soon as practicable after becoming aware of the contravention or likely contravention, give notice of the contravention or likely contravention to as many of the company's creditors as reasonably practicable. The notice must be lodged with ASIC and must be in the prescribed form (if any).