Companies Act 2014 section 448

Reporting to Director of Corporate Enforcement of misconduct by receivers

Section 448 requires prescribed professional bodies to report to the Corporate Enforcement Authority when their disciplinary processes identify misconduct by a member acting as a receiver.

• Where a disciplinary committee or tribunal of a prescribed professional body finds that a member conducting a receivership has failed to maintain appropriate records, the body must report this to the Corporate Enforcement Authority without delay.
• Similarly, where the body has reasonable grounds to believe a member has committed a category 1 or category 2 offence during the course of a receivership, it must promptly report the matter with details of the alleged offence.
• The obligation to report rests on the professional body itself, and the report must include details of the finding regarding inadequate records or the particulars of the alleged offence.
• If a professional body fails to comply with this reporting obligation, both the body and any officer responsible for the failure are guilty of a category 3 offence.