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CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

Note: See section 600K.

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 40 - Disciplinary and other action  

Subdivision B - Direction to comply  

CLAUSE 40-10  REGISTERED LIQUIDATOR TO CORRECT INACCURACIES ETC.  

 View history reference

Application of this section

40-10(1)  

This section applies if ASIC reasonably suspects that any information that a registered liquidator is required under this Act to give to ASIC (whether in a document lodged or given to ASIC or otherwise) is incomplete or incorrect in any particular.

ASIC may give direction to correct information etc.

40-10(2)  

ASIC may, in writing, direct the liquidator to do one or more of the following within a period of 10 business days after the direction is given:


(a) confirm to ASIC that the information is complete and correct;


(b) complete or correct the information (as the case requires);


(c) notify any persons specified by ASIC in the direction of the addition or correction.

40-10(3)  

ASIC may, on the application of a registered liquidator made before the end of the period referred to in subsection (2), extend, or further extend, that period.

Consequences for failing to comply

40-10(4)  

If the liquidator does not comply within the period, ASIC may do either or both of the following:


(a) give a direction under subsection 40-15(1) (direction not to accept further appointments);


(b) apply to the Court for an order, under subsection 1274(11) (registers), section 45-1 of this Schedule or any other provision that is relevant, directing the liquidator to comply with the requirement within such time as is specified in the order.

Direction is not a legislative instrument

40-10(5)  

A direction under subsection (2) is not a legislative instrument.

Relationship with other laws

40-10(6)  

Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person giving incomplete or incorrect information.

 



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