Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p11
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 11/73)
Character Range: 6338190–6341217

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 by entering, or maintaining, on the Register of Liquidators the details relating to the applicant prescribed for the purposes of subsection 15‑1(3).

Registration subject to current conditions
 (3) The renewed registration is subject to the current conditions imposed on the registered liquidator.

Certificate of registration
 (4) After renewing the registration of a person as a liquidator, ASIC must give the person a certificate of registration.
 (5) The certificate may be given electronically.

Period of registration
 (6) The renewed registration has effect for 3 years, beginning on the day after the person's immediately preceding registration as a liquidator ceased to have effect.

Subdivision E—Offences relating to registration

20‑80  False representation that a person is a registered liquidator
  A person commits an offence if:
 (a) the person makes a representation; and
 (b) the representation is that the person is a registered liquidator; and
 (c) the representation is false.
Penalty: 30 penalty units.

Division 25—Insurance

25‑1  Registered liquidators to maintain insurance

Registered liquidator must maintain insurance
 (1) A registered liquidator must maintain:
 (a) adequate and appropriate professional indemnity insurance; and
 (b) adequate and appropriate fidelity insurance;
against the liabilities that the liquidator may incur working as a registered liquidator.
 (2) ASIC may, by legislative instrument, determine what constitutes adequate and appropriate professional indemnity insurance, and adequate and appropriate fidelity insurance, in relation to either or both of the following:
 (a) specified circumstances;
 (b) one or more specified classes of registered liquidators.

Offence
 (3) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 1,000 penalty units.
 (4) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 60 penalty units.

Division 30—Annual liquidator returns

30‑1  Annual liquidator returns

Registered liquidator must lodge annual return
 (1) A person who is a registered liquidator during all or part of a liquidator return year for the person must, within 1 month after the end of that year, lodge with ASIC a return that conforms with subsection (3).
 (2) Each of the following is a liquidator return year for a person who is or was registered as a liquidator under section 20‑30:
 (a) the period of 12 months beginning on the day on which that registration first began;
 (b) each subsequent period of 12 months.