Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p15
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 15/73)
Character Range: 6348790–6351597

a document lodged or given to ASIC or otherwise) is incomplete or incorrect in any particular.

ASIC may give direction to correct information etc.
 (2) ASIC may, in writing, direct the liquidator to do one or more of the following within a period of 10 business days after the direction is given:
 (a) confirm to ASIC that the information is complete and correct;
 (b) complete or correct the information (as the case requires);
 (c) notify any persons specified by ASIC in the direction of the addition or correction.
 (3) ASIC may, on the application of a registered liquidator made before the end of the period referred to in subsection (2), extend, or further extend, that period.

Consequences for failing to comply
 (4) If the liquidator does not comply within the period, ASIC may do either or both of the following:
 (a) give a direction under subsection 40‑15(1) (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