Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p21
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 21/73)
Character Range: 6363931–6366804

and
 (b) the committee's reasons for that decision; and
 (c) if the committee decides under paragraph 40‑55(1)(f) that the liquidator should be registered subject to a condition:
 (i) the condition; and
 (ii) the committee's reasons for imposing the condition; and
 (d) if the committee decides under paragraph 40‑55(1)(g) that a condition should be imposed on all other registered liquidators in relation to the liquidator:
 (i) the condition; and
 (ii) the committee's reasons for imposing the condition.

40‑65  ASIC must give effect to the committee's decision
  ASIC must give effect to the committee's decision.

Subdivision F—Lifting or shortening suspension

40‑70  Application to lift or shorten suspension

Application of this section
 (1) This section applies if a person's registration as a liquidator has been suspended.

Suspended liquidator may apply to ASIC
 (2) The person may apply to ASIC:
 (a) for the suspension to be lifted; or
 (b) for the period of the suspension to be shortened.
 (3) The application must be lodged with ASIC in the approved form.
 (4) The application is properly made if subsection (3) is complied with.

40‑75  ASIC may convene a committee to consider applications
 (1) ASIC may convene a committee for the purposes of considering an application, or applications, made under section 40‑70.
 (2) The committee must consist of:
 (a) ASIC; and
 (b) a registered liquidator chosen by a prescribed body; and
 (c) a person appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

40‑80  ASIC must refer applications to a committee
 (1) ASIC must refer an application that is properly made under section 40‑70 to a committee convened under section 40‑75 for consideration.
 (2) ASIC must do so within 2 months after receiving the application.

40‑85  Committee to consider applications
 (1) If an application is referred to a committee, the committee must consider the application.
 (2) Unless the applicant otherwise agrees, the committee must interview the applicant for the purposes of considering the application.
 (3) Within 10 business days after interviewing the applicant or obtaining the agreement of the applicant as referred to in subsection (2), the committee must:
 (a) decide whether the suspension should be lifted, or the period of the suspension shortened; and
 (b) if the period of the suspension is to be shortened—specify when the suspension is to end.

40‑90  Committee to report
  The committee must give the applicant and ASIC a report setting out:
 (a) the committee's decision on the application; and
 (b) the committee's reasons for that