Prestonian,“They lodged a form 524 in dec 13. 524 is required...

Prestonian,

“They lodged a form 524 in dec 13. 524 is required under the corps act and i understand is to advise ASIC of the position of the company and the expected outcome. In MSTs situation this effectively replaces the need for annual accounts (I am pretty sure)As confirmed by ASIC,”

The ASIC guide on insolvency: a guide for shareholder states “A voluntary administrator and a deed administrator must lodge a detailed list of receipts and payments with ASIC (form 524) every six months and at the end of their administration.”

However, this does not effectively replace the need for annual accounts. Given that the Company is no longer operating and is really in caretaker mode, all that is required, and of course the only relevancy, is the receipts and payments. The Administrator has complied with this requirement, as he has complied with all his other duties.

The reason that there is currently no requirement to hold an annual general meeting or produce accounts is because the Company is currently in Administration and as such has been granted relief by ASIC in terms of the Corporations Law. It will be, and has been, granted this relief until such time as it ceases to be under a controller.