Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p9
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 29295–32547

(3) If a committee decides under 20‑20(6) of the Insolvency Practice Schedule (Corporations) that a person's registration is to be subject to a condition that the person act as the external administrator of a company only in the capacity of a restructuring practitioner for the company or for a restructuring plan made by the company, it is a condition on the registration of the person as a registered liquidator that the person must not carry out work as an external administrator of a company otherwise than in that capacity.

Suspended registrations

        (4) It is a condition on the registration of any person whose registration as a liquidator has been suspended that the person must, during the period of the suspension, maintain:
           (a) adequate and appropriate professional indemnity insurance; and
           (b) adequate and appropriate fidelity insurance;
       against the liabilities that the person may incur as a result of work carried out as a registered liquidator before the suspension takes effect.

       Division 35—Notice requirements

       35‑1  Events of which a registered liquidator must notify ASIC

         The following are events in relation to which a registered liquidator must lodge a notice with ASIC under paragraph 35‑5(1)(b) of the Insolvency Practice Schedule (Corporations):
           (a) the registered liquidator ceases to practise;
           (b) the registered liquidator changes his or her name;
           (c) if the registered liquidator practises as a member of a firm, or under a name or style other than the person's own name—the name of the firm, or that other name or style, changes;
           (d) the address of any place where the registered liquidator practises as such changes.

       Division 40—Disciplinary and other action

       40‑1  Industry bodies that may notify ASIC of grounds for disciplinary action

         The following industry bodies are prescribed for the purposes of section 40‑110 of the Insolvency Practice Schedule (Corporations):
           (a) ARITA;
           (b) CPA Australia;
           (c) Chartered Accountants Australia and New Zealand;
           (d) the Institute of Public Accountants;
           (e) the New South Wales Bar Association;
           (f) the Law Society of New South Wales;
           (g) the Victorian Legal Services Commissioner;
           (h) the Victorian Legal Services Board;
           (i) the Bar Association of Queensland;
           (j) the Queensland Law Society;
           (k) the Legal Practice Board of Western Australia;
           (l) the Law Society of South Australia;
           (m) the Legal Profession Conduct Commissioner of South Australia;
           (n) the Law Society of Tasmania;
           (o) the Law Society of the Australian Capital Territory;
           (p) the Law Society Northern Territory.

       Division 50—Part 2 committees

       50‑1  Authority

         Unless otherwise stated, a provision of this Division is made for the purposes of section 50‑25 of the Insolvency Practice Schedule (Corporations).

       50‑5  Part 2 committee may generally determine its own procedures

         Subject to the Insolvency Practice Schedule (Corporations) and these Rules, a Part 2