Part 13 – Investigations

4 Chapters – Sections 746 to 796

Part 13 Chapter Overview

Chapter

Chapter 1 – Preliminary

Chapter 2 – Investigations by court appointed inspectors

Chapter 3 – Investigations initiated by Director

Chapter 4 – Miscellaneous provisions

Part 13 Summary

This Part contains the law governing investigations by Court appointed Inspectors and by the Director of Corporate Enforcement.

What is new?

The Act empowers the court to make an order for the inspection of books or documents of a company in liquidation.

What is different?

The Act substantially re-enacts the current provisions with some clarifications. The Act expands the definition of officer for the purposes of an investigation to include present and past officers, bankers, solicitors and advisors to the company. It categorises offences under this section as category 2 offences.

What are the Key Points?

• Court may make order for inspection of books and records of company in liquidation
• Company officers for the purposes of investigations to include past officers and bankers and advisors

What do accountants need to do?

An accountant must be aware of the powers of court inspectors and the Director of Corporate Enforcement to initiate inspection into the dealings of a company, the assistance they will be required to give to these inspections and the information they will be required to provide to them.

What do companies need to do?

Company directors should be aware of their responsibilities with regard to facilitating an investigation, the type of information they will be compelled to provide and the consequences of non-compliance.