Section 313(1) and (2) of the Corporations Act 2001 (Cth) is ‘Special Provisions on Audit of Debenture Issuers and Guarantors’ and is extracted below.
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Section 313(1) and (2) of the Corporations Act 2001 (Cth) is Special Provisions on Audit of Debenture Issuers and Guarantors and reads as follows:
Special Provisions on Audit of Debenture Issuers and Guarantors
Auditor to give trustee for debenture holders copies of reports, certificates etc.
(1) The auditor of a borrower in relation to debentures must give the trustee for debenture holders:
(a) a copy of any report, certificate or other document that the auditor must give the borrower or its members under this Act, the debentures or the trust deed; and
(b) a copy of any document that accompanies it.
The copies must be given within 7 days after the auditor gives the originals to the borrower or its members.
Auditor to report on matters prejudicial to debenture holders’ interests
(2) The auditor of a borrower, or guarantor, in relation to debentures must give the borrower or guarantor a written report about any matter that:
(a) the auditor became aware of in conducting the audit or review; and
(b) in the auditor’s opinion, is or is likely to be prejudicial to the interests of debenture holders; and
(c) in the auditor’s opinion, is relevant to the exercise of the powers of the trustee for debenture holders, or the performance of the trustee’s duties, under this Act or the trust deed.
The auditor must give a copy of the report to the trustee for debenture holders. The report and the copy must be given within 7 days after the auditor becomes aware of the matter.
The maximum penalty for the offence of Special Provisions on Audit of Debenture Issuers and Guarantors is:
30 penalty units (a Commonwealth penalty unit is currently $210).
However, it should be kept in mind that maximum penalties are reserved for the most serious cases.
Your legal team will be able to advise you of the essential elements the prosecution would need to prove in order to establish the offence, whether those elements are capable of being established in your particular situation, the most effective and efficient way forward and the likely outcome.
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