Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p10
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 10/73)
Character Range: 6335560–6338467

committee
 (1) ASIC must refer an application that is properly made under section 20‑40 to a committee convened under section 20‑45 for consideration.
 (2) ASIC must do so within 2 months after receiving the application.

20‑55  Committee to consider applications
 (1) If an application to vary or remove a condition of registration is referred to a committee, the committee must consider the application.
 (2) Unless the applicant otherwise agrees, the committee must, for the purposes of considering the application, interview the applicant.
 (3) The committee must, within 20 business days after interviewing the applicant or obtaining the agreement of the applicant as referred to in subsection (2):
 (a) decide whether the condition to which the application relates should be varied or removed; and
 (b) if a condition is to be varied—specify the way in which it is to be varied.

20‑60  Committee to report
  The committee must give the applicant and ASIC a report setting out:
 (a) the committee's decision on the application; and
 (b) the committee's reasons for that decision; and
 (c) if the committee decides that a condition should be varied—the variation that is to be made.

20‑65  Committee's decision given effect
  If the committee decides that a condition imposed on a registered liquidator is to be varied or removed, the condition is varied or removed in accordance with that decision.

Subdivision D—Renewal

20‑70  Application for renewal
 (1) An individual may apply to ASIC to have the individual's registration as a liquidator renewed.
 (2) The application must be lodged with ASIC in the approved form:
 (a) if the Court makes an order under subsection (3)—on or before the time specified in the order; or
 (b) otherwise—before the applicant's registration as a liquidator ceases to have effect.
Note: Fees for lodging documents and late lodgement fees may be imposed under the Corporations (Fees) Act 2001.
 (3) The Court may, on application, extend the time within which the individual may apply to ASIC to have the individual's registration as a liquidator renewed.
 (4) The application for renewal is properly made if subsection (2) is complied with.

20‑75  Renewal

Renewal of registration
 (1) On application under section 20‑70, ASIC must renew the registration of the applicant as a liquidator if:
 (a) the application is properly made; and
 (b) the applicant has produced evidence in writing to ASIC that the applicant maintains:
 (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) the applicant has complied with any condition dealing with continuing professional education to which the applicant is subject during the applicant's current registration.
 (2) ASIC renews the registration of the applicant