Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_1562
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 1562
Character Range: 495935–497215

1562  Notice of significant events
 (1) If:
 (a) within 2 years before the commencement day, an event of a kind mentioned in subsection 35‑1(1) of the Insolvency Practice Schedule (Corporations) occurs in relation to an old Act registrant; and
 (b) the old Act registrant has not already informed ASIC in writing of the event before the commencement day;
the old Act registrant must lodge with ASIC a notice, in the approved form, relating to the event.
 (2) The notice must be lodged:
 (a) if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day—within one month after the commencement day; or
 (b) if paragraph (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day—within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1) within the period specified in subsection (2); and
 (b) the person intentionally or recklessly fails to comply with the requirement within that period.
Penalty: 100 penalty units.

Subdivision D—Cancellation by ASIC under the old Act