Section 983A — Corporations Act 2001: Court may freeze certain accounts

(1) The Court may, by order, restrain dealings in respect of specified accounts with financial institutions that a person holds or maintains (whether in Australia or elsewhere), subject to such terms and conditions as the Court imposes, if subsection (2) or (3) applies in relation to the person. (2) This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) there are reasonable grounds for believing that there is a deficiency in an account maintained by the person for the purposes of section 981B or 982B, whether the account is maintained in this jurisdiction or elsewhere; or (b) there has been undue delay, or unreasonable refusal, on the person’s part in paying, applying or accounting for money as provided for by this Division, by a condition of the licence, or by the operating rules of a licensed market or a licensed CS facility in which the person is or has been a participant; or (c) without limiting the generality of paragraph (a) or (b), the person has contravened section 981B or 982B. (3) This subsection applies to a person if, on application by ASIC, the Court is satisfied that the person holds, or has at any time held, an Australian financial services licence and that: (a) the licence has been revoked or suspended; or (b) the person is incapable, through mental or physical incapacity, of managing his or her affairs; or (c) the person no longer carries on a financial services business; or (d) the person has died.