Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p17
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 17/95)
Character Range: 906135–908986

as a liquidator under the Corporations Act 2001 has been cancelled, other than in compliance with a written request by the person to cancel the registration; or
 (d) the person owes more than the prescribed amount of notified estate charges; or
 (e) 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
 (f) the person has been convicted of an offence involving fraud or dishonesty; or
 (g) the person lodges a request with the Inspector‑General 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 the Inspector‑General decides under section 40‑25 or 40‑30 to suspend or cancel the registration of a person as a trustee.

Inspector‑General must give notice of decision
 (2) The Inspector‑General 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 the Inspector‑General 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  Inspector‑General may give a show‑cause notice
 (1) The Inspector‑General may give a registered trustee notice in writing asking the trustee to give the Inspector‑General a written explanation why the trustee should continue to be registered, if the Inspector‑General believes that:
 (a) the trustee no longer has the qualifications, experience, knowledge and abilities prescribed under paragraph 20‑20(4)(a); or
 (b) the trustee has committed an act of bankruptcy within the meaning of this Act or a corresponding law of an external Territory or a foreign country; or
 (c) the trustee is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; or
 (d) the trustee 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 trustee; or
 (e) the trustee has breached a current condition imposed on the trustee; or
 (f) the trustee has contravened a provision