Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p8
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 8/71)
Character Range: 239886–242848

(5) The committee may decide that the applicant should be registered even if the committee is not satisfied of a matter mentioned in paragraph (4)(a),(e), (f) or (i), provided the committee is satisfied that the applicant would be suitable to be registered as a liquidator if the applicant complied with conditions specified by the committee.

Registration may be subject to conditions
 (6) The committee may decide that the applicant's registration is to be subject to any other conditions specified by the committee.

Spent convictions
 (7) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.
Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

20‑25  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 decision; and
 (c) if the committee decides under subsection 20‑20(5) or (6) that the applicant should be registered subject to a condition:
 (i) the condition; and
 (ii) the committee's reasons for imposing the condition.

20‑30  Registration

Registration as liquidator
 (1) ASIC must register the applicant as a liquidator if:
 (a) the committee has decided that the applicant should be registered; and
 (b) the applicant has produced evidence in writing to ASIC that the applicant has taken out:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered liquidator.
Note: Fees may be imposed under the Corporations (Fees) Act 2001 for the doing of an act by ASIC.
 (2) ASIC registers an applicant by entering on the Register of Liquidators the details relating to the applicant prescribed for the purposes of subsection 15‑1(3).

Registration subject to current conditions
 (3) The registration is subject to the current conditions imposed on the registered liquidator.

Certificate of registration
 (4) After registering a person as a liquidator, ASIC must give the person a certificate of registration.
 (5) The certificate may be given electronically.

Period of registration
 (6) The registration has effect for 3 years.

20‑35  Conditions imposed on all registered liquidators or a class of registered liquidators
 (1) The Insolvency Practice Rules may impose conditions on all registered liquidators, or registered liquidators of a specified class.
 (2) Without limiting subsection (1), a condition may be imposed limiting the kinds of activity in which a liquidator may engage, either for the duration of the registration or for a shorter period.

Subdivision C—Varying etc. conditions of registration

20‑40  Application to vary etc. conditions of registration
 (1) If a