Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p12
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 12/73)
Character Range: 6340988–6343796

liquidator return year for a person who is or was registered as a liquidator under section 20‑30:
 (a) the period of 12 months beginning on the day on which that registration first began;
 (b) each subsequent period of 12 months.
 (3) A return under subsection (1) must:
 (a) be in the approved form; and
 (b) include evidence that the person has, during the whole of any period of the year during which the person was registered as a liquidator, maintained:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered liquidator.
 (4) ASIC may, on the application of the registered liquidator made before the end of the period for lodging a return under subsection (1), extend, or further extend, that period.

Offence
 (5) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 20 penalty units.

Division 35—Notice requirements

35‑1  Notice of significant events

Registered liquidator must lodge notice
 (1) A registered liquidator must lodge with ASIC a notice, in the approved form, if any of the following events occur:
 (a) the liquidator becomes an insolvent under administration;
 (b) a bankruptcy notice is issued under the Bankruptcy Act 1966 in relation to the liquidator as debtor, or a corresponding notice is issued in relation to the liquidator as debtor under a law of an external Territory or a law of a foreign country;
 (c) the liquidator is convicted of an offence involving fraud or dishonesty;
 (d) 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;
 (e) the liquidator ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the liquidator may incur working as a registered liquidator;
 (f) the liquidator is issued with a notice under section 40‑40 of Schedule 2 to the Bankruptcy Act 1966 (a show‑cause notice) in relation to the liquidator's registration as a trustee under that Act;
 (g) the liquidator's registration as a trustee under the Bankruptcy Act 1966 is suspended or cancelled;
 (h) any other event prescribed.
The notice must be lodged within 5 business days after the registered liquidator could reasonably be expected to be aware that the event has occurred.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 100 penalty units.