Document ID: chunk:federal_register_of_legislation:C2024C00631:section:38
Version: federal_register_of_legislation:C2024C00631
Segment Type: section
Provision Reference: s 38
Character Range: 69866–72104

38  Notifying ASIC of bankruptcy, insolvency etc.
 (1) If:
 (a) a business name is registered to an entity; and
 (b) a person is appointed or authorised to act as a debtor representative of the entity;
the person must lodge with ASIC notice of that fact in accordance with subsection (2).
 (2) The notice:
 (a) must be given to ASIC within 28 days after the appointment or authorisation; and
 (b) must identify who (if anyone) will carry on a business under the business name while the person is appointed or authorised; and
 (c) must be in the prescribed form; and
 (d) must be lodged in the prescribed manner.
 (3) In this section:
debtor representative means:
 (a) a trustee in bankruptcy; or
 (b) a liquidator within the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936; or
 (c) a receiver; or
 (d) a controller (within the meaning of section 9 of the Corporations Act 2001); or
 (e) an administrator appointed to an entity under Division 2 of Part 5.3A of the Corporations Act 2001; or
 (f) a person appointed, or authorised, under a law of the Commonwealth, or of a State or Territory, to manage the affairs of an entity because it is unable to pay all its debts as and when they become due and payable; or
 (g) an administrator of a deed of company arrangement executed by the entity; or
 (h) a foreign representative in respect of a foreign proceeding that has been recognised for the purposes of the Cross‑Border Insolvency Act 2008.
trustee in bankruptcy means:
 (a) in relation to a bankruptcy—the trustee of the estate of the bankrupt; or
 (b) in relation to a composition or scheme of arrangement under Division 6 of Part IV of the Bankruptcy Act 1966—the trustee of the composition or scheme of arrangement; or
 (c) in relation to a debtor whose property is subject to control under Division 2 of Part X of the Bankruptcy Act 1966—the controlling trustee in relation to the debtor under that Part of that Act; or
 (d) in relation to a personal insolvency agreement under Part X of the Bankruptcy Act 1966—the trustee of the agreement; or
 (e) in relation to the estate of a deceased person in respect of which an order has been made under Part XI of the Bankruptcy Act 1966—the trustee of the estate.