Section 347B — Corporations Act 2001 (Cth)

(1) If the directors of a company pass a negative solvency resolution under section 347A, the company must notify ASIC of that fact, in the prescribed form, within 7 days after the resolution is passed.

(2) If:

(a) subsection 347A(1) applies to the directors of a company; and

(b) the directors have not passed a solvency resolution under section 347A within 2 months after a review date;

the company must notify ASIC of that fact, in the prescribed form, within 7 days after the end of the 2 month period following the review date.

(3) An offence based on subsection (1) or (2) is an offence of strict liability.

Related sections

• s 346B — ASIC may ask questions
• s 346C — Requirements in relation to an extract of particulars
• s 347A — Directors must pass a solvency resolution after each review date
• s 347C — Payment of review fee is taken to be a representation by the directors that the company is solvent
• s 348A — ASIC may give a return of particulars
• s 348B — ASIC may ask questions

Research how courts apply s 347B

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