Chapter 8A of the Act applies to all entChapter 8A of the Act applies to all entities as if the following section were inserted after section 1213M:

Part 3—Declaration

18 Schemes being wound up

Chapter 5C of the Act applies to all persons as if the following section were inserted after section 601NF:

“601NFA Reporting obligations during winding up

(1) This section applies to: (a) a responsible entity of a registered scheme being wound up; and (b) a person (the responsible person) appointed under subsection 601NF(1) to take responsibility for ensuring a registered scheme is wound up in accordance with the scheme’s constitution. (2) This section only applies where a copy of a scheme insolvency resolution has been lodged with ASIC by the responsible entity or responsible person. (3) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up: (a) information about the progress and status of the winding up of the scheme, including details (as applicable) of: (i) the actions taken during the period; and (ii) the actions required to complete the winding up; and (iii) the actions proposed to be taken in the next 12 months; and (iv) the expected time to complete the winding up; (b) financial information about receipts and payments for the scheme during the period; (c) the following information as at the end of the period: (i) the value of scheme property; and (ii) any potential return to scheme members. (4) A report required to be prepared under this section in relation to a relevant period must be made available to scheme members within 3 months after the end of the relevant period. (5) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the scheme about the winding up. (6) In this section: relevant period, in relation to a report, means: (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and (c) for a report during the winding up—each period of 12 months. scheme insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the scheme property of the scheme has been insufficient to meet the debts of the responsible entity of the scheme incurred in that capacity as and when they were due and payable.”.