Corporations Act 2001
SCHEDULE 2
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INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
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.
Note: See section 600K .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision D - ASIC may suspend or cancel registration SECTION 40-35 NOTICE OF SUSPENSION OR CANCELLATIONApplication 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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