Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p12
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 12/95)
Character Range: 892931–895832

corresponding notice is issued in relation to the trustee as debtor under a law of an external Territory or a law of a foreign country;
 (c) the trustee is convicted of an offence involving fraud or dishonesty;
 (d) the trustee is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001, or under a law of an external Territory or a law of a foreign country;
 (e) the trustee ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the trustee may incur working as a registered trustee;
 (f) the trustee is issued with a notice under section 40‑40 of Schedule 2 to the Corporations Act 2001 (a show‑cause notice) in relation to the trustee's registration as a liquidator under that Act;
 (g) the trustee's registration as a liquidator under the Corporations Act 2001 is suspended or cancelled;
 (h) any other event prescribed.
The notice must be lodged within 5 business days after the registered trustee could reasonably be expected to be aware that the event has occurred.

Offence
 (2) 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: 100 penalty units.

35‑5  Notice of other events

Registered trustee must lodge notice
 (1) A registered trustee must lodge with the Inspector‑General a notice, in the approved form, if any of the following events occur:
 (a) information included in an annual trustee return, or in an annual administration return, prepared by or on behalf of the trustee is or becomes inaccurate in a material particular;
 (b) any other event prescribed.
The notice must be lodged within 10 business days after the registered trustee could reasonably be expected to be aware that the event has occurred.

Offence
 (2) 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: 5 penalty units.
Note: See also section 277B (about infringement notices).

Division 40—Disciplinary and other action

Subdivision A—Introduction

40‑1  Simplified outline of this Division

      Remedying failure to lodge documents or give information or documents
      The Inspector‑General may direct a registered trustee to comply with a requirement to lodge a document, or give any information or document, to the Inspector‑General. If the trustee fails to comply with the direction, the Inspector‑General can direct that the trustee accept no further appointments or seek an order from the Court directing the trustee to comply.
      Correcting and completing information given to the Inspector‑General
      If the Inspector‑General reasonably suspects that information that a