Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p11
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 11/71)
Character Range: 247856–250803

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.
 (3) A return under subsection (1) must:
 (a) be in the approved form; and
 (b) include evidence that the person has, during the whole of any period of the year during which the person was registered as a liquidator, maintained:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered liquidator.
 (4) ASIC may, on the application of the registered liquidator made before the end of the period for lodging a return under subsection (1), extend, or further extend, that period.

Offence
 (5) 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: 5 penalty units.

Division 35—Notice requirements

35‑1  Notice of significant events

Registered liquidator must lodge notice
 (1)