CORPORATIONS ACT 2001
|PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS
|Division 30 - Annual liquidator returns
CLAUSE 30-1 ANNUAL LIQUIDATOR RETURNS
Registered liquidator must lodge annual return
A person who is a registered liquidator during all or part of a liquidator return year for the person must, within 1 month after the end of that year, lodge with ASIC a return that conforms with subsection (3).
Each of the following is a liquidator return year for a person who is or was registered as a liquidator under section 20-30:
(a) the period of 12 months beginning on the day on which that registration first began;
(b) each subsequent period of 12 months.
A return under subsection (1) must:
(a) be in the approved form; and
(b) include evidence that the person has, during the whole of any period of the year during which the person was registered as a liquidator, maintained:
(i) adequate and appropriate professional indemnity insurance; and
(ii) adequate and appropriate fidelity insurance;
against the liabilities that the person may incur working as a registered liquidator.
ASIC may, on the application of the registered liquidator made before the end of the period for lodging a return under subsection (1), extend, or further extend, that period.
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person fails to comply with the requirement.
Penalty: 5 penalty units.