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Contents (1970 - 01)
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Supreme Court Rules 1970
Current version for 6 January 2017 to date (accessed 29 March 2017 at 20:14)
33   Release of liquidator (s 480)
(1)  An application by a liquidator for:
(a)  an order under section 480 (c) that he or she be released, or
(b)  an order under section 480 (d) that he or she be released and that the subject corporation be dissolved,
must be made by motion in the winding up proceedings.
(2)  An application by a liquidator for an order under section 480 (c) that he or she be released must state the grounds on which it is contended that the subject corporation should not be dissolved.
(3)  Unless the Court otherwise orders, the liquidator must, not less then 21 days prior to filing notice of the motion:
(a)  send:
(i)  a notice in form 154L,
(ii)  a copy of the application for release,
(iii)  a copy of the summary of receipts and payments, and
(iv)  a copy of the statement showing the subject corporation’s position,
by prepaid post to each creditor who has proved his or her debt and to each contributory, and
(b)  cause notice of the application in form 154M to be published in the Commonwealth of Australia Gazette.
(4)  Where a liquidator applies for an order under section 480 (c) or section 480 (d), he or she shall file with notice of the motion:
(a)  a summary of receipts and payments in the winding up,
(b)  a statement showing the position of the subject corporation at the date the application was filed, and
(c)  an affidavit:
(i)  stating whether the whole of the property of the subject corporation has been realised, or whether so much of the property of the subject corporation has been realised as can be realised without needlessly prolonging the liquidation,
(ii)  stating details of any calls made upon contributories in the course of the winding up,
(iii)  stating details of any dividends paid in the course of the winding up,
(iv)  stating whether the committee of inspection, if any, has passed a resolution approving of the liquidator’s release,
(v)  stating whether ASIC has appointed an auditor to report on an account or a statement of the position in the winding up under section 539 (2),
(vi)  stating whether the Court has ordered a report on the accounts of the liquidator to be prepared,
(vii)  stating whether any objection has been received by the liquidator to his or her release as liquidator of the subject corporation from any auditor appointed by ASIC or by the Court or from any creditor, contributory or other person interested,
(viii)  stating whether any report has been submitted by the liquidator to ASIC under section 533,
(ix)  stating whether the unsecured creditors of the subject corporation have been paid more than 50 cents in the dollar and whether it is otherwise necessary to report on the affairs of the subject corporation or its officers,
(x)  stating details of any onerous property disclaimed in the course of the winding up,
(xi)  stating details of any costs and expenses payable by the liquidator if the Court grants his or her release,
(xii)  annexing a copy of:
(A)  the notice sent to each creditor and contributory in compliance with paragraph (a) of subrule (3), and
(B)  the notice published in the Commonwealth of Australia Gazette in compliance with paragraph (b) of subrule (3), and
(xiii)  including statements by the liquidator to the following effect:
(A)  “To the best of my belief there has been no act done or default made by me in the administration of the affairs of the subject corporation or otherwise in relation to my conduct as liquidator which is likely to give rise to any liability to the subject corporation or any creditor or contributory” and, where applicable, add “except as disclosed in this affidavit”,
(B)  “I am not aware of any claim made by any person that there has been any such act or default” and, where applicable, add “except as disclosed in this affidavit”.
(5)  A creditor or contributory who wishes to object to the grant of release to a liquidator must deliver to the liquidator a notice of objection stating the grounds of objection within 21 days of publication of the notice referred to in subrule (3) (b).
(6)  Where the applicant files with the notice of motion an affidavit made after the expiration of the 21 days:
(a)  proving compliance with subrule (3), and
(b)  stating that he has received no notice of objection to the release,
and the notice of motion is endorsed with a request that the application be determined or dealt with in the absence of the public and without an attendance by or on behalf of the applicant, the application may be so determined or dealt with by the Court.