Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p6
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 6/71)
Character Range: 234669–237540

may be kept in any form that ASIC considers appropriate.
 (3) The Insolvency Practice Rules may provide for and in relation to the Register of Liquidators.
 (4) Without limiting subsection (3), the Insolvency Practice Rules may provide for and in relation to:
 (a) the details to be entered on the Register of Liquidators; and
 (b) the parts of the Register that are to be made available to the public.
 (5) Without limiting paragraph (4)(a), those details may include:
 (a) details of any disciplinary action decided by a committee under section 40‑55; and
 (b) details of persons who have had their registration as a liquidator under this Act suspended or cancelled.

Division 20—Registering liquidators

Subdivision A—Introduction

20‑1  Simplified outline of this Division

      An individual may apply to ASIC to be registered as a liquidator. The application will be referred to a committee, which will assess the application against specified criteria (the applicant's qualifications, conduct and fitness and whether the applicant will take out appropriate insurance). The committee will report its decision to ASIC and, if the committee decides that the applicant should be registered, ASIC will register the applicant as a liquidator.
      A registration may be subject to conditions. Conditions may be imposed on a particular registered liquidator by the committee, or on all registered liquidators or a class of registered liquidators by the Insolvency Practice Rules. A registered liquidator may apply to ASIC to have a condition imposed by a committee removed or varied. That application will be referred to a committee.
      Registration is for 3 years, but may be renewed. An application for renewal may be made to ASIC within specified time periods.
      A decision of a committee about an application for registration or about a condition of registration is reviewable by the Administrative Appeals Tribunal (see Part 9.4A of this Act).

Subdivision B—Registration

20‑5  Application for registration
 (1) An individual may apply to ASIC to be registered as a liquidator.
 (2) The application must be lodged with ASIC in the approved form.
Note: Fees for lodging documents may be imposed under the Corporations (Fees) Act 2001.
 (3) The application is properly made if subsection (2) is complied with.

20‑10  ASIC may convene a committee to consider
 (1) ASIC may convene a committee for the purposes of considering an application, or applications, for registration as a liquidator.
 (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