Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p17
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 17/71)
Character Range: 263446–266228

liabilities that the person may incur working as a registered liquidator; or
 (c) the person's registration as a trustee under the Bankruptcy Act 1966 has been cancelled, other than in compliance with a written request by the person to cancel the registration; or
 (d) if the Court has made an order under section 90‑15 that the person repay remuneration—the person has failed to repay the remuneration; or
 (e) the person has been convicted of an offence involving fraud or dishonesty; or
 (f) the person lodges a request with ASIC in the approved form to have the registration cancelled.
 (2) 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.

40‑35  Notice of suspension or cancellation

Application of this section
 (1) This section applies if ASIC decides under section 40‑25 or 40‑30 to suspend or cancel the registration of a person as a liquidator.

ASIC must give notice of decision
 (2) ASIC must, within 10 business days after making the decision, give the person a written notice setting out the decision, and the reasons for the decision.

When decision comes into effect
 (3) The decision comes into effect on the day after the notice is given to the person.

Failure to give notice does not affect validity of decision
 (4) A failure by ASIC to give the notice under subsection (2) within 10 business days does not affect the validity of the decision.

Subdivision E—Disciplinary action by committee

40‑40  ASIC may give a show‑cause notice
 (1) ASIC may give a registered liquidator notice in writing asking the liquidator to give ASIC a written explanation why the liquidator should continue to be registered, if ASIC believes that:
 (a) the liquidator no longer has the qualifications, experience, knowledge and abilities prescribed under paragraph 20‑20(4)(a); or
 (b) the liquidator has committed an act of bankruptcy, within the meaning of the Bankruptcy Act 1966 or a corresponding law of an external Territory or a foreign country; or
 (c) 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; or
 (d) the liquidator has ceased to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
   against the liabilities that the person may incur working as a registered liquidator; or
 (e) the liquidator has breached a current condition imposed on the liquidator; or
 (f) the liquidator has contravened a provision of this Act; or
 (g)