CORPORATIONS ACT 2001
|PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS
|Division 35 - Notice requirements
CLAUSE 35-1 NOTICE OF SIGNIFICANT EVENTS
Registered liquidator must lodge notice
A registered liquidator must lodge with ASIC a notice, in the approved form, if any of the following events occur:
(a) the liquidator becomes an insolvent under administration;
(b) a bankruptcy notice is issued under the Bankruptcy Act 1966 in relation to the liquidator as debtor, or a corresponding notice is issued in relation to the liquidator as debtor under a law of an external Territory or a law of a foreign country;
(c) the liquidator is convicted of an offence involving fraud or dishonesty;
(d) the liquidator is disqualified from managing corporations under Part 2D.6 of this Act, or under a law of an external Territory or a law of a foreign country;
(e) the liquidator ceases to have:
(i) adequate and appropriate professional indemnity insurance; or
(ii) adequate and appropriate fidelity insurance;
against the liabilities that the liquidator may incur working as a registered liquidator;
(f) the liquidator is issued with a notice under section 40-40 of Schedule 2 to the Bankruptcy Act 1966 (a show-cause notice) in relation to the liquidator's registration as a trustee under that Act;
(g) the liquidator's registration as a trustee under the Bankruptcy Act 1966 is suspended or cancelled;
(h) any other event prescribed.
The notice must be lodged within 5 business days after the registered liquidator could reasonably be expected to be aware that the event has occurred.
A person commits an offence if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 100 penalty units.