Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p16
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 16/71)
Character Range: 260907–263688

a document to, ASIC; or
 (b) a person giving incomplete or incorrect information; or
 (c) any matter in relation to which a committee makes a decision under subsection 40‑55(1).
 (7) Nothing in this section limits ASIC's power under this Act, or any other law, to apply to the Court for an order in relation to a failure to comply with a direction mentioned in subsection (1).

Subdivision C—Automatic cancellation

40‑20  Automatic cancellation
 (1) The registration of a person as a liquidator is cancelled if:
 (a) the person becomes an insolvent under administration; or
 (b) the person dies.
 (2) The cancellation takes effect on the day the event mentioned in subsection (1) happens.

Subdivision D—ASIC may suspend or cancel registration

40‑25  ASIC may suspend registration
 (1) ASIC may suspend the registration of a person as a liquidator if:
 (a) the person is disqualified from managing corporations under Part 2D.6 of this Act, or under a law of an external Territory or a law of a foreign country; or
 (b) the person ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered liquidator; or
 (c) the person'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 person to cancel or suspend the registration; or
 (d) if the Court has made an order under section 90‑15 that the person repay remuneration—the person has failed to repay the remuneration; or
 (e) the person has been convicted of an offence involving fraud or dishonesty; or
 (f) the person lodges a request with ASIC in the approved form to have the registration suspended.
 (2) 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.

40‑30  ASIC may cancel registration
 (1) ASIC may cancel the registration of a person as a liquidator if:
 (a) the person is disqualified from managing corporations under Part 2D.6 of this Act, or under a law of an external Territory or a law of a foreign country; or
 (b) the person ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
   against the liabilities that the person may incur working as a registered liquidator; or
 (c) the person's registration as a trustee under the Bankruptcy Act 1966 has been cancelled, other than in compliance with a written request by the person to cancel