Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 1   Amendments relating to the Insolvency Practice Schedule (Bankruptcy)

Part 3   Transition to the Insolvency Practice Schedule (Bankruptcy)

Division 2   Application of Part 2 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments

Subdivision C   Notice requirements

114   Notice of significant events

(1) If:

(a) within 2 years before the commencement day, an event of a kind mentioned in subsection 35-1(1) of the Insolvency Practice Schedule (Bankruptcy) occurs in relation to an old Act registrant; and

(b) the old Act registrant has not already informed the Inspector-General of the event before the commencement day;

the old Act registrant must lodge with the Inspector-General a notice, in the approved form, relating to the event.

(2) The notice must be lodged:

(a) if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day - within one month after the commencement day; or

(b) if paragraph (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day - within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.

(3) A person commits an offence if:

(a) the person is subject to a requirement under subitem (1) within the period specified in subitem (2); and

(b) the person intentionally or recklessly fails to comply with the requirement within that period.

Penalty: 100 penalty units.