THE CORPORATIONS LAW

CHAPTER 9 - MISCELLANEOUS

PART 9.2 - REGISTRATION OF AUDITORS AND LIQUIDATORS

Division 2 - Registration

SECTION 1282   REGISTRATION OF LIQUIDATORS  

1282(1)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

1282(2)  [Requirements for granting application]  

Subject to this section, where an application for registration as a liquidator is made under section 1279, the Commission shall grant the application if:

(a)  the applicant:

(i) is a member of The Institute of Chartered Accountants in Australia, the Australian Society of Certified Practising Accountants or any other prescribed body;

(ii) holds a degree, diploma or certificate from a prescribed university or another prescribed institution in Australia and has passed examinations in such subjects, under whatever name, as the appropriate authority of the university or other institution certifies to the Commission to represent a course of study in accountancy of not less than 3 years duration and in commercial law (including company law) of not less than 2 years duration; or

(iii) has other qualifications and experience that, in the opinion of the Commission, are equivalent to the qualifications mentioned in subparagraph (i) or (ii);

(b)  the Commission is satisfied as to the experience of the applicant in connection with the winding up of bodies corporate; and

(c)  the Commission is satisfied that the applicant is capable of performing the duties of a liquidator and is otherwise a fit and proper person to be registered as a liquidator;

but otherwise the Commission shall refuse the application.

1282(3)  [Commission to be satisfied]  

Where an application for registration as a liquidator of a specified body corporate is made under section 1279, the Commission shall grant the application and register the applicant as a liquidator of that body if the Commission is satisfied that the applicant has sufficient experience and ability, and is a fit and proper person, to act as liquidator of the body, having regard to the nature of the property or business of the body and the interests of its creditors and contributories, but otherwise the Commission shall refuse the application.

1282(4)  [Registration prohibited]  

The Commission shall not register as a liquidator, or as a liquidator of a specified body corporate, a person who is disqualified from managing corporations under Part 2D.6.

1282(5)  [Non-residents]  

Subject to subsection (10), the Commission may refuse to register as a liquidator or as a liquidator of a specified body corporate a person who is not resident in Australia.

1282(6)  [Certificate of registration to be issued]  

Where:

(a)  the Commission grants an application by a person for registration as a liquidator or as a liquidator of a specified body corporate; and

(b)  the person has complied with the requirements of section 1284;

the Commission shall cause to be issued to the person a certificate by the Commission:

(c)  stating that the person has been registered as a liquidator or as a liquidator of a specified body corporate;

(d)  specifying a day as the day of the beginning of the registration, being:

(i) the day on which the Commission granted the application; or

(ii) the day on which the person complied with the requirements of section 1284;

whichever was the later; and

(e)  in the case of a person who is registered under subsection (3) as a liquidator of a specified body corporate - setting out the name of that body.

1282(7)  (Omitted by No 110 of 1990, Sch 1 (effective 18 December 1990).)

1282(8)  [Duration of registration]  

The registration of a person as a liquidator under subsection (2) comes into force at the beginning of the day specified in the certificate as the day of the beginning of the registration and remains in force until:

(a)  the registration is cancelled by the Commission or by the Board; or

(b)  the person dies.

1282(9)  [Duration of registration as liquidator of specified body corporate]  

The registration of a person as a liquidator of a specified body corporate under subsection (3) comes into force at the beginning of the day specified in the certificate as the day of the beginning of the registration and remains in force until:

(a)  the registration is cancelled by the Commission or by the Board;

(b)  the person dies; or

(c)  the body corporate is dissolved or deregistered.

1282(10)  [Applicant's right to make submissions and give evidence]  

The Commission shall not refuse to register a person as a liquidator, or as a liquidator of a specified body corporate, unless the Commission has given the person an opportunity to appear at a hearing before the Commission and to make submissions and give evidence to the Commission in relation to the matter.

1282(11)  [Notice of refusal to register]  

Where the Commission refuses an application by a person for registration as a liquidator, or as a liquidator of a specified body corporate, the Commission shall, not later than 14 days after the decision, give to the person notice in writing setting out the decision and the reasons for it.