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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 D - ASIC may suspend or cancel registration  

CLAUSE 40-35  NOTICE OF SUSPENSION OR CANCELLATION  

 View history reference

Application of this section

40-35(1)  

This section applies if ASIC decides under section 40-25 or 40-30 to suspend or cancel the registration of a person as a liquidator.

ASIC must give notice of decision

40-35(2)  

ASIC must, within 10 business days after making the decision, give the person a written notice setting out the decision, and the reasons for the decision.

When decision comes into effect

40-35(3)  

The decision comes into effect on the day after the notice is given to the person.

Failure to give notice does not affect validity of decision

40-35(4)  

A failure by ASIC to give the notice under subsection (2) within 10 business days does not affect the validity of the decision.

 



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