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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 H - Consequences of certain disciplinary and other action  

CLAUSE 40-111  APPOINTMENT OF ANOTHER LIQUIDATOR IF LIQUIDATOR'S REGISTRATION IS SUSPENDED OR CANCELLED  

 View history reference

40-111(1)  

If:


(a) the registration of a liquidator is suspended or cancelled under this Division; and


(b) the liquidator is conducting the external administration of a company at the time the registration is suspended or cancelled;

ASIC may, in writing, appoint another registered liquidator to conduct the external administration of the company.

40-111(2)  

If:


(a) a liquidator fails to renew his or her registration as a liquidator before that registration ceases to have effect; and


(b) no order has been made by the Court under subsection 20-70(3) extending the period during which the liquidator may apply for renewal; and


(c) the liquidator is conducting the external administration of a company at the time his or her registration as a liquidator ceases to have effect;

ASIC may, in writing, appoint another registered liquidator to conduct the external administration of the company.

40-111(3)  

Subsections (1) and (2) do not apply to:


(a) a liquidator appointed by the Court; or


(b) a winding up ordered by ASIC under section 489EA; or


(c) a members' voluntary winding up.

Note: For court-appointed liquidators, see section 473A. For a winding up ordered by ASIC, see section 489EA. For a members' voluntary winding up, see section 495.

40-111(4)  

An appointment of a registered liquidator by ASIC under subsection (1) must not be made without the written consent of the liquidator.

 



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