Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:2_5:p1
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 1/9)
Character Range: 2002449–2005517

5      A trust                                (a) a trustee; or
                                              (b) if the trustee is a body — a director or secretary of the body

Note   A body includes a body corporate or an unincorporated body, for example, a society or association — see the definition of body in section 9 of the Act.
The following table must be completed. In the table, the person's name must be printed next to the person's signature.

Lodgement details (for the person who physically completes the form)

Firm/organisation
Contact name/position description
ASIC registered agent number (if applicable)
Telephone number
Postal address or DX address
Signature block

Name
Signature
Capacity
Entity name (if entity acting as local agent)
Date signed

Form 586
(subparagraph 206F(1)(b)(i))
Form 586

Corporations Act 2001

Subparagraph 206F(1)(b)(i)

Notice to demonstrate why disqualification should not occur

IN THE MATTER of (1)__________________________________

Notice to demonstrate why disqualification should not occur

under section 206F of the Corporations Act 2001.

To: (2) ________________________________________________________

The records of the Australian Securities and Investments Commission (ASIC) show that you are or were an officer of ______ (3) corporations that have been wound up, being ____________________________________________________________(4),

where a liquidator has reported under subsection 533(1) of the Corporations Act 2001 (the Act) that each of the corporations may be unable to pay its unsecured creditors more than 50 cents in the dollar.

In these circumstances you are required to demonstrate, in accordance with subparagraph 206F(1)(b)(i) of the Act, why you should not be disqualified from managing corporations.

Under subsection 206F(1) of the Act you may be disqualified from managing corporations for a period of up to 5 years.

In making a decision under subsection 206F(1) of the Act ASIC is required to give you an opportunity to be heard in relation to why you should not be disqualified from managing corporations.

AREAS OF CONCERN

ASIC has identified a number of concerns about your conduct which are described in Attachment "A".

The documents on which these concerns are based are listed in Attachment "B".

OPPORTUNITY TO BE HEARD

If you wish to demonstrate why you should not be disqualified from managing corporations you should notify ASIC within 14 days from the date of service of this notice that you require an opportunity of being heard.

You may exercise your right to be heard by:

     1.               making a written submission;

     1.               appearing before a person ASIC has appointed to hear the matter (the delegate) and making submissions orally and appearing before the delegate to present evidence.

You may exercise your right by doing any or all of these options.

Once you have notified ASIC of your wish to demonstrate why you should not be disqualified a delegate will write to you with further details