Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 35 - Notice requirements  

CLAUSE 35-1   NOTICE OF SIGNIFICANT EVENTS  
Registered liquidator must lodge notice

35-1(1)    
A registered liquidator must lodge with ASIC a notice, in the approved form, if any of the following events occur:

(a) the liquidator becomes an insolvent under administration;

(b) a bankruptcy notice is issued under the Bankruptcy Act 1966 in relation to the liquidator as debtor, or a corresponding notice is issued in relation to the liquidator as debtor under a law of an external Territory or a law of a foreign country;

(c) the liquidator is convicted of an offence involving fraud or dishonesty;

(d) the liquidator is 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;

(e) the liquidator ceases to have:

(i) adequate and appropriate professional indemnity insurance; or

(ii) adequate and appropriate fidelity insurance;

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

(f) the liquidator is issued with a notice under section 40-40 of Schedule 2 to the Bankruptcy Act 1966 (a show-cause notice) in relation to the liquidator ' s registration as a trustee under that Act;

(g) the liquidator ' s registration as a trustee under the Bankruptcy Act 1966 is suspended or cancelled;

(h) any other event prescribed.

The notice must be lodged within 5 business days after the registered liquidator could reasonably be expected to be aware that the event has occurred.

Offence

35-1(2)    
A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

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

Penalty: 100 penalty units.