Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p18
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 18/71)
Character Range: 265974–268714

insurance;
   against the liabilities that the person may incur working as a registered liquidator; or
 (e) the liquidator has breached a current condition imposed on the liquidator; or
 (f) the liquidator has contravened a provision of this Act; or
 (g) the liquidator has been appointed to act as a reviewing liquidator under Subdivision C of Division 90 of this Schedule, and has failed to properly exercise the powers or perform the duties of a reviewing liquidator; or
 (h) the liquidator's registration as a trustee under the Bankruptcy Act 1966 has been cancelled or suspended, other than in compliance with a written request by the liquidator to cancel or suspend the registration; or
 (i) if the Court has made an order under section 90‑15 that the liquidator repay remuneration—the liquidator has failed to repay the remuneration; or
 (j) the liquidator has been convicted of an offence involving fraud or dishonesty; or
 (k) the liquidator is permanently or temporarily unable to perform the functions and duties of a liquidator because of physical or mental incapacity; or
 (l) the liquidator has failed to carry out adequately and properly (whether in Australia or in an external Territory or in a foreign country):
 (i) the duties of a liquidator; or
 (ii) any other duties or functions that a registered liquidator is required to carry out under a law of the Commonwealth or of a State or Territory, or the general law; or
 (m) the liquidator is not a fit and proper person; or
 (n) the liquidator is not resident in Australia or in another prescribed country.
 (2) A notice under subsection (1) is not a legislative instrument.
 (3) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.
Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

40‑45  ASIC may convene a committee
 (1) ASIC may convene a committee to make a decision of a kind mentioned in section 40‑55 in relation to a registered liquidator, or registered liquidators.
 (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).

40‑50  ASIC may refer matters to the committee
  ASIC may refer a registered liquidator to a committee convened under section 40‑45 if