Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p6
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 6/73)
Character Range: 6325021–6327997

appointments. ASIC may also seek a Court order.
      ASIC may suspend or cancel a liquidator's registration in certain circumstances. ASIC may also give the liquidator a show‑cause notice. If such a notice is given and no sufficient explanation is given, ASIC may take further disciplinary action on the decision of a committee.
      Industry bodies may notify ASIC where they suspect there are grounds for disciplinary action.
      Court powers
      The Court has broad powers to make orders in relation to registered liquidators (including imposing conditions on registration).

10‑5  Working cooperatively with the Inspector‑General in Bankruptcy
  In performing its functions and exercising its powers under this Act in relation to persons who are, have been or may become both registered liquidators under this Act and registered trustees under the Bankruptcy Act 1966, ASIC must work cooperatively with the Inspector‑General in Bankruptcy.

Division 15—Register of liquidators

15‑1  Register of Liquidators
 (1) ASIC must establish and maintain a Register of Liquidators.
 (2) The Register of Liquidators may be kept in any form that ASIC considers appropriate.
 (3) The Insolvency Practice Rules may provide for and in relation to the Register of Liquidators.
 (4) Without limiting subsection (3), the Insolvency Practice Rules may provide for and in relation to:
 (a) the details to be entered on the Register of Liquidators; and
 (b) the parts of the Register that are to be made available to the public.
 (5) Without limiting paragraph (4)(a), those details may include:
 (a) details of any disciplinary action decided by a committee under section 40‑55; and
 (b) details of persons who have had their registration as a liquidator under this Act suspended or cancelled.

Division 20—Registering liquidators

Subdivision A—Introduction

20‑1  Simplified outline of this Division

      An individual may apply to ASIC to be registered as a liquidator. The application will be referred to a committee, which will assess the application against specified criteria (the applicant's qualifications, conduct and fitness and whether the applicant will take out appropriate insurance). The committee will report its decision to ASIC and, if the committee decides that the applicant should be registered, ASIC will register the applicant as a liquidator.
      A registration may be subject to conditions. Conditions may be imposed on a particular registered liquidator by the committee, or on all registered liquidators or a class of registered liquidators by the Insolvency Practice Rules. A registered liquidator may apply to ASIC to have a condition imposed by a committee removed or varied. That application will be referred to a committee.
      Registration is for 3 years, but may be renewed. An application for renewal may be made to ASIC within specified time periods.
      A decision of a committee about an application for registration or about a condition