Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p19
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 19/73)
Character Range: 6358825–6361559

than in compliance with a written request by the liquidator to cancel or suspend the registration; or
 (i) if the Court has made an order under section 90‑15 that the liquidator repay remuneration—the liquidator has failed to repay the remuneration; or
 (j) the liquidator has been convicted of an offence involving fraud or dishonesty; or
 (k) the liquidator is permanently or temporarily unable to perform the functions and duties of a liquidator because of physical or mental incapacity; or
 (l) the liquidator has failed to carry out adequately and properly (whether in Australia or in an external Territory or in a foreign country):
 (i) the duties of a liquidator; or
 (ii) any other duties or functions that a registered liquidator is required to carry out under a law of the Commonwealth or of a State or Territory, or the general law; or
 (m) the liquidator is not a fit and proper person; or
 (n) the liquidator is not resident in Australia or in another prescribed country.
 (2) A notice under subsection (1) is not a legislative instrument.
 (3) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.
Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

40‑45  ASIC may convene a committee
 (1) ASIC may convene a committee to make a decision of a kind mentioned in section 40‑55 in relation to a registered liquidator, or registered liquidators.
 (2) The committee must consist of:
 (a) ASIC; and
 (b) a registered liquidator chosen by a prescribed body; and
 (c) a person appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

40‑50  ASIC may refer matters to the committee
  ASIC may refer a registered liquidator to a committee convened under section 40‑45 if ASIC:
 (a) gives the liquidator a notice under section 40‑40 (a show‑cause notice); and
 (b) either:
 (i) does not receive an explanation within 20 business days after the notice is given; or
 (ii) is not satisfied by the explanation.

40‑55  Decision of the committee
 (1) If a registered liquidator is referred to a committee under section 40‑50, the committee must decide one or more of the following:
 (a) that the liquidator should continue to be registered;
 (b) that the liquidator's registration should be suspended for a period, or until the occurrence of an event, specified