Corporations Act 2001
Note: See section 600K .PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision E - Disciplinary action by committee CLAUSE 40-55 DECISION OF THE COMMITTEE 40-55(1)
If a registered liquidator is referred to a committee under section 40-50 , the committee must decide one or more of the following:
(a) that the liquidator should continue to be registered;
(b) that the liquidator ' s registration should be suspended for a period, or until the occurrence of an event, specified in the decision;
(c) that the liquidator ' s registration should be cancelled;
(d) that ASIC should direct the liquidator not to accept any further appointments as liquidator, or not to accept any further appointments as liquidator during the period specified in the decision;
(e) that the liquidator should be publicly admonished or reprimanded;
(f) that a condition specified in the decision should be imposed on the liquidator;
(g) that a condition should be imposed on all other registered liquidators that they must not allow the liquidator to carry out any of the functions or duties, or exercise any of the powers, of a registered liquidator on their behalf (whether as employee, agent, consultant or otherwise) for a period specified in the decision of no more than 10 years;
(h) that ASIC should publish specified information in relation to the committee ' s decision and the reasons for that decision.
[ CCH Note: Cl 40-55(1) will be amended by No 69 of 2020, s 3, Sch 1, by inserting para (i) (effective 22 June 2022 or a day or days to be fixed by Proclamation). Para (i) will read:
; (i) that the Registrar should publish specified information in relation to the committee ' s decision and the reasons for that decision.]
Without limiting paragraph (1)(f), conditions imposed under that paragraph may include one or more of the following:
(a) a condition that the liquidator engage in, or refrain from engaging in, specified conduct;
(b) a condition that the liquidator engage in, or refrain from engaging in, specified conduct except in specified circumstances;
(c) a condition that the liquidator publish specified information;
(d) a condition that the liquidator notify a specified person or class of persons of specified information;
(e) a condition that the liquidator publish a specified statement;
(f) a condition that the liquidator make a specified statement to a specified person or class of persons. 40-55(3)
In making its decision, the committee may have regard to:
(a) any information provided to the committee by ASIC; and
(b) any explanation given by the liquidator; and
(c) any other information given by the liquidator to the committee; and
(d) if the liquidator is or was also a registered trustee under the Bankruptcy Act 1966 - any information in relation to the liquidator given to the committee by the Inspector-General in Bankruptcy or a committee convened under the Insolvency Practice Schedule (Bankruptcy); and
(e) any other matter that the committee considers relevant.
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