Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p13
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 13/73)
Character Range: 6343547–6346491

the event has occurred.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 100 penalty units.

35‑5  Notice of other events

Registered liquidator must lodge notice
 (1) A registered liquidator must lodge with ASIC a notice, in the approved form, if any of the following events occur:
 (a) information included in an annual liquidator return, an annual administration return or an end of administration return, prepared by or on behalf of the liquidator, is or becomes inaccurate in a material particular;
 (b) any other event prescribed.
The notice must be lodged within 10 business days after the registered liquidator could reasonably be expected to be aware that the event has occurred.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 30 penalty units.

Division 40—Disciplinary and other action

Subdivision A—Introduction

40‑1  Simplified outline of this Division

      Remedying failure to lodge documents or give information or documents
      ASIC may direct a registered liquidator to comply with a requirement to lodge a document, or give any information or document, to ASIC. If the liquidator fails to comply with the direction, ASIC can direct that the liquidator accept no further appointments or seek an order from the Court directing the liquidator to comply.
      Correcting and completing information given to ASIC
      If ASIC reasonably suspects that information that a registered liquidator is required to give ASIC is incomplete or inaccurate, ASIC can direct the liquidator to confirm, complete or correct the information. ASIC can also direct the liquidator to tell someone about the defect in the information. If the liquidator fails to comply with a direction, ASIC can direct that the liquidator accept no further appointments or seek an order from the Court directing the liquidator to comply.
      Other grounds for a direction not to accept further appointments
      There are other grounds on which ASIC can issue a direction not to accept further appointments, for example, if the registered liquidator fails to comply with a direction to convene a meeting.
      Suspending or cancelling registration
      An individual's registration as a liquidator can be suspended or cancelled.
      The registration is automatically cancelled if the registered liquidator becomes an insolvent under administration or dies.
      In some circumstances, ASIC can suspend or cancel the registration of a person as a liquidator. ASIC can also give a registered liquidator notice to show‑cause why the liquidator should continue to be registered. If ASIC is not satisfied with the answer, ASIC can refer