Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p7
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 7/71)
Character Range: 237302–240128

appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

20‑15  ASIC must refer applications to a committee
 (1) ASIC must refer an application for registration as a liquidator that is properly made to a committee convened under section 20‑10 for consideration.
 (2) ASIC must do so within 2 months after receiving the application.

20‑20  Committee to consider applications

Committee must consider referred applications
 (1) If an application for registration as a liquidator is referred to a committee, the committee must consider the application.
 (2) For the purposes of considering the application, the committee:
 (a) must interview the applicant; and
 (b) may require the applicant to sit for an exam.

Decision of committee
 (3) Within 45 business days after interviewing the applicant, the committee must decide whether the applicant should be registered as a liquidator or not.
 (4) The committee must decide that the applicant should be registered as a liquidator if it is satisfied that the applicant:
 (a) has the qualifications, experience, knowledge and abilities prescribed; and
 (b) will take out:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered liquidator; and
 (c) has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and
 (d) is not, and has not been within 10 years before making the application, an insolvent under administration; and
 (e) has not had his or her registration as a liquidator under this Act cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and
 (f) has not had his or her registration as a trustee under the Bankruptcy Act 1966 cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and
 (g) is not 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; and
 (h) is otherwise a fit and proper person; and
 (i) is resident in Australia or in another prescribed country.
 (5) The committee may decide that the applicant should be registered even if the committee is not satisfied of a matter mentioned in paragraph (4)(a),(e), (f) or (i), provided the committee is satisfied that the applicant would be suitable to