Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p5
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 5/71)
Character Range: 231921–234915

pooling order is in force in relation to a group of 2 or more companies;
then:
 (c) the companies are together a pooled group; and
 (d) each of the companies is a member of the pooled group.

5‑30  Persons with a financial interest in the external administration of a company
  A person has a financial interest in the external administration of a company:
 (a) if the person is one of the following:
 (i) the company;
 (ii) a creditor of the company;
 (iii) an external administrator of the company;
 (iv) in a members' voluntary winding up—a member of the company; or
 (b) in any other circumstances prescribed.

Part 2—Registering and disciplining practitioners

Division 10—Introduction

10‑1  Simplified outline of this Part

      Registering liquidators
      An individual may apply to ASIC to be registered as a liquidator. ASIC will refer the application to a committee who will consider the applicant's qualifications, conduct and fitness and whether the applicant will take out appropriate insurance. Registration may be subject to conditions, is for 3 years and may be renewed.
      A registered liquidator must:
             (a) lodge an annual return with ASIC that includes proof that the liquidator has appropriate insurance; and
             (b) give ASIC notice if the liquidator's circumstances change or if certain other events happen.
      Disciplining registered liquidators
      If a registered liquidator fails to comply with certain requirements, such as the requirement to lodge a document or give information, ASIC may give directions that may result in the liquidator being unable to accept further appointments. ASIC may also seek a Court order.
      ASIC may suspend or cancel a liquidator's registration in certain circumstances. ASIC may also give the liquidator a show‑cause notice. If such a notice is given and no sufficient explanation is given, ASIC may take further disciplinary action on the decision of a committee.
      Industry bodies may notify ASIC where they suspect there are grounds for disciplinary action.
      Court powers
      The Court has broad powers to make orders in relation to registered liquidators (including imposing conditions on registration).

10‑5  Working cooperatively with the Inspector‑General in Bankruptcy
  In performing its functions and exercising its powers under this Act in relation to persons who are, have been or may become both registered liquidators under this Act and registered trustees under the Bankruptcy Act 1966, ASIC must work cooperatively with the Inspector‑General in Bankruptcy.

Division 15—Register of liquidators

15‑1  Register of Liquidators
 (1) ASIC must establish and maintain a Register of Liquidators.
 (2) The Register of Liquidators 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