Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:2_5:p2
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 2 cl 5 (pt 2/9)
Character Range: 2005287–2008497

present evidence.

You may exercise your right by doing any or all of these options.

Once you have notified ASIC of your wish to demonstrate why you should not be disqualified a delegate will write to you with further details of the hearing procedure. The delegate will also inform you of the delegate's decision as to whether the hearing will take place at one or more physical venues and/or by means of virtual enquiry technology.

If you do not wish to demonstrate why you should not be disqualified, a decision will be made by a delegate on the information available.

If you wish to have access to the documents listed in Attachment "B" you should contact ASIC as soon as possible. Access to documents which are identified as "confidential" may be given subject to strict conditions of confidentiality.

Dated this ___________________ day of __________________________20_________

Signed _____________________________________________________________

(5) Delegate of the Australian Securities and Investments Commission

Attachments
Attachment "A"
Areas of concern

Attachment "B"
List of documents upon which concerns are based

DIRECTIONS
        1.     Insert name of person subject of the notice.
        2.     Insert name of person subject of the notice.
        3.     Insert number of corporations of which person was an officer.
        4.     Insert names and ACNs of corporations.
        5.     Insert full name of delegate signing the notice.

Form 587
(subsection 206F(3))

Form 588
(subparagraph 206GAA(1)(b)(i))
Form 588

Corporations Act 2001

Subparagraph 206GAA(1)(b)(i)

Notice to demonstrate why disqualification should not occur

IN THE MATTER of (1)__________________________________

Notice to demonstrate why disqualification should not occur

under section 206GAA of the Corporations Act 2001.

To: (2) ________________________________________________________

The records of the Australian Securities and Investments Commission (ASIC) show that you are or were an officer of ______ (3) corporations that have been wound up, being ____________________________________________________________(4)

where money was advanced for the purposes of paying the entitlements of employees of the corporations under the Fair Entitlements Guarantee Act 2012 and:

     -          the Commonwealth has received a minimal return, or no return on the advance; and
     -          ASIC has reason to believe that the Commonwealth is unlikely to receive more than a minimal return on the advance; and
     -          ASIC has reason to believe that either the corporations contravened the Corporations Act 2001 or Corporations (Aboriginal and Torres Strait Islander) Act 2006 and that the person failed to take reasonable steps to prevent the contravention or the person contravened the Corporations Act 2001 or Corporations (Aboriginal and Torres Strait Islander) Act 2006.

In these circumstances you are required to demonstrate, in accordance with subparagraph 206GAA(1)(b)(i) of the Act, why you should not be disqualified from managing corporations.

Under subsection 206GAA(1) of the Act you may be disqualified from managing corporations for a period of