Corporations Act 2001
Note: See section 600K .PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision B - Direction to comply CLAUSE 40-5 REGISTERED LIQUIDATOR TO REMEDY FAILURE TO LODGE DOCUMENTS OR GIVE INFORMATION OR DOCUMENTS 40-5(1)
This section applies if a registered liquidator fails to comply with a requirement to lodge any document, or give any information or document, that the liquidator is required under this Act to lodge with or give to ASIC.
[ CCH Note: Cl 40-5(1) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " or the Registrar " at the end of subsection, (effective 22 June 2022 or a day or days to be fixed by Proclamation).]
ASIC may, in writing, direct the liquidator to comply with the requirement within 10 business days after the direction is given. 40-5(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 40-5(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 40-5(5)
A direction under subsection (2) is not a legislative instrument. Relationship with other laws 40-5(6)
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC.
[ CCH Note: Cl 40-5(6) will be amended by No 69 of 2020, s 3, Sch 1, by inserting " or the Registrar " at the end of subsection, (effective 22 June 2022 or a day or days to be fixed by Proclamation).]