Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 481

  (1)   The Court:

  (a)   may cause a report on the accounts of the liquidator to be prepared by the auditor appointed by ASIC under section   70 - 15 of Schedule   2 (audit of administration books) or by some other registered company auditor appointed by the Court; and

  (b)   on the liquidator complying with all the requirements of the Court--must take into consideration the report and any objection against the release of the liquidator that is made by the auditor or by any creditor, contributory or other person interested; and

  (c)   must either grant or withhold the release accordingly.

  (2)   Where the release of a liquidator is withheld and the Court is satisfied that the liquidator has been guilty of default, negligence, breach of trust or breach of duty, the Court may order the liquidator to make good any loss that the company has sustained by reason of the default, negligence, breach of trust or breach of duty and may make such other order as it thinks fit.

  (3)   An order of the Court releasing the liquidator discharges him or her from all liability in respect of any act done or default made by him or her in the administration of the affairs of the company or otherwise in relation to his or her conduct as liquidator, but any such order may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact.

  (4)   Where the liquidator has not previously resigned or been removed, his or her release operates as a removal from office.

  (5)   Where the Court has made:

  (a)   an order that the liquidator be released; or

  (b)   an order that the liquidator be released and that ASIC deregister the company;

the liquidator must, within 14 days after the making of the order, lodge an office copy of the order.