Ann: Update from Receivers and Managers, page-4

These are the laws. They dont have to report it but need to keep records of everything and allow shareholders to have access to these books and records.


Reporting to shareholdersAn external administrator or receiver is not required to report to shareholders on the progress or outcome of the liquidation.An external administrator (liquidator or voluntary administrator) must keep books that give a complete and correct record of the administration of the company’s affairs – and shareholders are entitled to inspect these books at the external administrator’s office. A managing controller (or receiver and manager) must also keep books that correctly record and explain all transactions entered into as managing controller – and allow shareholders to inspect these records.Every year, on the anniversary of their appointment and at the end of the liquidation (or administration or receivership), the liquidator (or voluntary administrator or receiver) must lodge with ASIC a detailed list of receipts and payments (i.e. an annual administration return). A copy of these returns can be found on ASIC Connect.