Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p5
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 5/73)
Character Range: 6322435–6325276

receiver, receiver and manager, or controller in relation to property of the company.

5‑25  References to the external administrator of a company
  A reference in this Schedule to the external administrator of a company is to be read:
 (a) in relation to a company in respect of which there are 2 or more joint external administrators—as a reference to all of the external administrators; and
 (b) in relation to a company in respect of which there are 2 or more joint and several external administrators—as a reference to all of the external administrators or any one or more of the external administrators.

5‑26  Property of a company
  The property of a company includes any PPSA retention of title property of the company.
Note: See sections 9 (definition of property) and 51F (PPSA retention of title property).

5‑27  Meaning of pooled group
  If:
 (a) a pooling determination is in force in relation to a group of 2 or more companies; or
 (b) a 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,