Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p12
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 12/71)
Character Range: 250535–253398

if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 5 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.

35‑5  Notice of other 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) information included in an annual liquidator return, an annual administration return or an end of administration return, prepared by or on behalf of the liquidator, is or becomes inaccurate in a material particular;
 (b) any other event prescribed.
The notice must be lodged within 10 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: 5 penalty units.

Division 40—Disciplinary and other action

Subdivision A—Introduction

40‑1  Simplified outline of this Division

      Remedying failure to