Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p15
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 15/71)
Character Range: 258301–261149

(direction not to accept further appointments);
 (b) apply to the Court for an order, under subsection 1274(11) (registers), section 45‑1 of this Schedule or any other provision that is relevant, directing the liquidator to comply with the requirement within such time as is specified in the order.

Direction is not a legislative instrument
 (5) A direction under subsection (2) is not a legislative instrument.

Relationship with other laws
 (6) Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person giving incomplete or incorrect information.

40‑15  Direction not to accept further appointments

ASIC may give direction not to accept further appointments
 (1) ASIC may, in writing, direct a registered liquidator not to accept any further appointments under Chapter 5 (external administration), or not to accept any further appointments under Chapter 5 during a period specified in the direction, if:
 (a) the liquidator has failed to comply with a direction given to the liquidator under section 40‑5 (direction to remedy failure to lodge documents, or give information or documents); or
 (b) the liquidator has failed to comply with a direction given to the liquidator under section 40‑10 (direction to correct inaccuracies); or
 (c) a committee has decided under paragraph 40‑55(1)(d) that ASIC should give the direction referred to in that paragraph; or
 (d) the liquidator has failed to comply with a direction given to the liquidator under section 70‑70 (direction to give relevant material); or
 (e) the liquidator has failed to comply with a direction given to the liquidator under subsection 75‑20(1) or (2), or subsection 80‑27(1) (direction to convene a meeting of creditors or comply with requirements in relation to such a meeting).

Condition of registration to comply with direction
 (2) If ASIC gives a direction to a registered liquidator under subsection (1), it is a condition of the liquidator's registration that the liquidator must comply with the direction.

Withdrawal of direction
 (3) ASIC may withdraw a direction given under subsection (1).
 (4) The condition is removed from the liquidator's registration if ASIC withdraws the direction.

Direction is not a legislative instrument
 (5) A direction under subsection (1) is not a legislative instrument.

Relationship with other laws
 (6) Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to:
 (a) a person who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC; or
 (b) a person giving incomplete or incorrect information; or
 (c) any matter in relation to which a committee makes a decision under subsection 40‑55(1).
 (7) Nothing in this section limits ASIC's power under this Act,