Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_164
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 164
Character Range: 450047–450839

164  Subsections 499(3) to (7)
Repeal the subsections, substitute:
 (3) If a liquidator, other than a liquidator appointed by, or by the direction of, the Court resigns:
 (a) the Court; or
 (b) ASIC; or
 (c) the creditors;
may fill the vacancy by the appointment of a liquidator.
Note: If the registration of a liquidator is suspended or cancelled, ASIC must fill the vacancy: see section 40‑111 of Schedule 2.
 (4) If ASIC fills a vacancy in the office of a liquidator under subsection (3), ASIC must:
 (a) publish notice of the filling of the vacancy; and
 (b) publish the notice in the prescribed manner.
 (5) If ASIC or the Court fills a vacancy in the office of a liquidator under subsection (3), the liquidator is taken, for the purposes of this Act, to be appointed by the creditors.