CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

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

Subdivision C - Notice requirements  

SECTION 1562   NOTICE OF SIGNIFICANT EVENTS  

1562(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 (Corporations) occurs in relation to an old Act registrant; and


(b) the old Act registrant has not already informed ASIC in writing of the event before the commencement day;

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

1562(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.

1562(3)  
A person commits an offence if:


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


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

Penalty: 100 penalty units.


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