CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 40 - Disciplinary and other action  

Subdivision B - Direction to comply  

CLAUSE 40-10   REGISTERED LIQUIDATOR TO CORRECT INACCURACIES ETC.  

Application of this section

40-10(1)  
This section applies if ASIC reasonably suspects that any information that a registered liquidator is required under this Act to give to ASIC (whether in a document lodged or given to ASIC or otherwise) is incomplete or incorrect in any particular. ASIC may give direction to correct information etc.

40-10(2)  
ASIC may, in writing, direct the liquidator to do one or more of the following within a period of 10 business days after the direction is given:


(a) confirm to ASIC that the information is complete and correct;


(b) complete or correct the information (as the case requires);


(c) notify any persons specified by ASIC in the direction of the addition or correction.

40-10(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

40-10(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

40-10(5)  
A direction under subsection (2) is not a legislative instrument. Relationship with other laws

40-10(6)  
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person giving incomplete or incorrect information.


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.