Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p14
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 14/73)
Character Range: 6346254–6349021

suspend or cancel the registration of a person as a liquidator. ASIC can also give a registered liquidator notice to show‑cause why the liquidator should continue to be registered. If ASIC is not satisfied with the answer, ASIC can refer the matter to a committee which will make a decision on what action should be taken.
      An industry body can give ASIC notice of possible grounds for disciplinary action.
      If a registration is suspended, the liquidator can apply to ASIC to have the suspension lifted or shortened.
      A decision about the suspension or cancellation of the registration of a liquidator is reviewable by the Administrative Review Tribunal (see Part 9.4A of this Act).

Subdivision B—Direction to comply

40‑5  Registered liquidator to remedy failure to lodge documents or give information or documents

Application of this section
 (1) This section applies if a registered liquidator fails to comply with a requirement to lodge any document, or give any information or document, that the liquidator is required under this Act to lodge with or give to ASIC.

ASIC may give direction to comply
 (2) ASIC may, in writing, direct the liquidator to comply with the requirement within 10 business days after the direction is given.
 (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 who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC.

40‑10  Registered liquidator to correct inaccuracies etc.

Application of this section
 (1) This section applies if ASIC reasonably suspects that any information that a registered liquidator is required under this Act to give to ASIC (whether in 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