Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 20 - Registering liquidators  

Subdivision B - Registration  

CLAUSE 20-20   COMMITTEE TO CONSIDER APPLICATIONS  
Committee must consider referred applications

20-20(1)    
If an application for registration as a liquidator is referred to a committee, the committee must consider the application.

20-20(2)    
For the purposes of considering the application, the committee:

(a) must interview the applicant; and

(b) may require the applicant to sit for an exam.

Decision of committee

20-20(3)    
Within 45 business days after interviewing the applicant, the committee must decide whether the applicant should be registered as a liquidator or not.

20-20(4)    
The committee must decide that the applicant should be registered as a liquidator if it is satisfied that the applicant:

(a) has the qualifications, experience, knowledge and abilities prescribed; and

(b) will take out:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered liquidator; and

(c) has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and

(d) is not, and has not been within 10 years before making the application, an insolvent under administration; and

(e) has not had his or her registration as a liquidator under this Act cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and

(f) has not had his or her registration as a trustee under the Bankruptcy Act 1966 cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and

(g) is not disqualified from managing corporations under Part 2D.6 of this Act, or under a law of an external Territory or a law of a foreign country; and

(h) is otherwise a fit and proper person; and

(i) is resident in Australia or in another prescribed country.

20-20(5)    

The committee may decide that the applicant should be registered even if the committee is not satisfied of a matter mentioned in paragraph (4)(a), (e), (f) or (i), provided the applicant would be suitable to be registered as a liquidator.

Registration may be subject to conditions

20-20(6)    

The committee may decide that the applicant ' s registration is to be subject to any conditions specified by the committee.

Spent convictions

20-20(7)    
Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914 .

Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.