Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p54
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 148186–151398

agreement to appoint a registered liquidator under subsection 90‑24(4) of the Insolvency Practice Schedule (Corporations) must be in writing.

       90‑7  Limits on reviewing remuneration, costs and expenses

        (1) This section is made for the purposes of subsection 90‑26(4) of the Insolvency Practice Schedule (Corporations).

        (2) A reviewing liquidator must not review remuneration of an external administrator unless the remuneration relates to a remuneration determination made in the 6‑month period before the reviewing liquidator was appointed.

        (3) A reviewing liquidator must not review a cost or expense incurred by an external administrator unless the cost or expense was incurred during the 12‑month period ending on the day of the appointment of the reviewing liquidator, unless the external administrator agrees to a longer period.

       90‑12  Notice to be given if ASIC appoints a reviewing liquidator

         If ASIC appoints a reviewing liquidator under Subdivision C of Division 90 of the Insolvency Practice Schedule (Corporations), ASIC must notify the external administrator of the appointment at least 15 business days before the appointment commences.

       90‑18  Declaration of relevant relationships of proposed reviewing liquidator

       Declaration to be given before consenting to appointment

        (1) Before consenting to an appointment as a reviewing liquidator under Division 90 of the Insolvency Practice Schedule (Corporations), registered liquidator must make a written declaration:
           (a) stating whether any of the following:
              (i) the registered liquidator;
              (ii) if the registered liquidator's firm (if any) is a partnership—a partner in that partnership;
              (iii) if the registered liquidator's firm (if any) is a body corporate—that body corporate or an associate of that body corporate;
            has, or has had within the preceding 24 months, a relationship with:
              (iv) the company in relation to which the review will be conducted; or
              (v) an associate of the company; or
              (vi) the current external administrator of the company; or
              (vii) the person or body (other than the Court) making the appointment; or
              (viii) a former external administrator of the company; or
              (ix) a person who is entitled to enforce a security interest in the whole, or substantially the whole, of the company's property (including any PPSA retention of title property); and
           (b) if so, stating the registered liquidator's reasons for believing that none of those relationships result in the registered liquidator having a conflict of interest or duty.

        (2) The declaration must be:
           (a) given to the person or body who will make the appointment; and
           (b) lodged with ASIC within 5 business days of the registered liquidator's appointment as a reviewing liquidator.

       Copy of declaration to be given to as many creditors as reasonably practicable

        (3) As soon as practicable after being appointed, a reviewing liquidator must give a copy of the declaration to as many of the