37Winding up accounts

#### 37 Winding up accounts 37 Winding up accounts > > (1) A liable entity must, within 1 month after the end of each financial year (within the meaning of the Final Funding Agreement), and within such other period as the SPF trustee may direct from time to time by order served on the entity, (the reporting period) lodge with the SPF trustee— > > > > > (a) an account in the form prescribed by the regulations verified by statement in writing showing— > > > > > > > (i) the entity’s receipts and payments during the reporting period, and > > > > > > > (ii) in the case of the second account lodged under this subsection and all subsequent accounts—the aggregate amount of receipts and payments during all preceding reporting periods, and > > > > > (b) a statement in the form prescribed by the regulations relating to the position in the winding up, verified by a statement in writing. > > > (2) Without limiting subsection (1), the SPF trustee may direct that a reporting period includes a period occurring before the commencement of the winding up period for a liable entity. > > > (3) An account or statement is verified in writing for the purposes of subsection (1) if a director of the liable entity concerned makes a statutory declaration to the effect that the account or statement is true and fair. > > > (4) The SPF trustee may— > > > > > (a) cause the account and, where a statement of the position in the winding up has been lodged, that statement to be audited by a registered company auditor, who must prepare a report on the account and the statement (if any), or > > > > > (b) require a liable entity to have the account and, where a statement of the position in the winding up is to be lodged, that statement to be audited by a registered company auditor, who must prepare a report on the account and the statement (if any) for lodgment. > > > (5) For the purposes of the audit under subsection (4), the liable entity must give the auditor access to such books and information as the auditor requires. > > > (6) If the SPF trustee causes an account, or an account and a statement, to be audited (or requires a liable entity to have the account, or account and statement, audited) under subsection (4)— > > > > > (a) in the case of an audit that the SPF trustee causes to be undertaken under subsection (4) (a)—the SPF trustee must give to the liable entity a copy of the report prepared by the auditor, and > > > > > (b) the preparation or publication of the report does not subject the SPF trustee or the auditor personally to any action, liability, claim or demand. > > > (7) The costs of an audit under this section— > > > > > (a) in the case of an audit that the SPF trustee causes to be undertaken under subsection (4) (a)—must be fixed by the SPF trustee, and > > > > > (b) form part of the operating expenses of the liable entity. > > > (8) The SPF trustee must lodge with the Minister a copy of each statement or account lodged with the trustee, and any report prepared by an auditor in respect of an audit it causes to be undertaken, under this section. > > **s 37:** Am 2006 No 108, Sch 1 \[22\].