Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p7
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 7/73)
Character Range: 6327749–6330636

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 Review 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 which the Minister must be satisfied before making an appointment under paragraph (2)(c).

20‑15  ASIC must refer applications to a committee
 (1) ASIC must refer an application for registration as a liquidator that is properly made to a committee convened under section 20‑10 for consideration.
 (2) ASIC must do so within 2 months after receiving the application.

20‑20  Committee to consider applications

Committee must consider referred applications
 (1) If an application for registration as a liquidator is referred to a committee, the committee must consider the application.
 (2) For the purposes of considering the application, the committee:
 (a) must interview the applicant; and
 (b) may require the applicant to sit for an exam.

Decision of committee
 (3) Within 45 business days after interviewing the applicant, the committee must decide whether the applicant should be registered as a liquidator or not.
 (4) The committee must decide that the applicant should be registered as a liquidator if it is satisfied that the applicant:
 (a) has the qualifications, experience, knowledge and abilities prescribed; and
 (b) will take out:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered liquidator; and
 (c) has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and
 (d) is not, and has not been within 10 years before making the application, an insolvent under administration; and
 (e) has not had his or