Corporations Act 2001
SCHEDULE 2
-
INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
Application of this section
40-10(1)
This section applies if ASIC reasonably suspects that any information that a registered liquidator is required under this Act to give to ASIC (whether in a document lodged or given to ASIC or otherwise) is incomplete or incorrect in any particular.
ASIC may give direction to correct information etc.
40-10(2)
ASIC may, in writing, direct the liquidator to do one or more of the following within a period of 10 business days after the direction is given:
(a) confirm to ASIC that the information is complete and correct;
(b) complete or correct the information (as the case requires);
(c) notify any persons specified by ASIC in the direction of the addition or correction.
40-10(3)
ASIC may, on the application of a registered liquidator made before the end of the period referred to in subsection (2), extend, or further extend, that period.
Consequences for failing to comply
40-10(4)
If the liquidator does not comply within the period, ASIC may do either or both of the following:
(a) give a direction under subsection 40-15(1) (direction not to accept further appointments);
(b) apply to the Court for an order, under subsection 1274(11) (registers), section 45-1 of this Schedule or any other provision that is relevant, directing the liquidator to comply with the requirement within such time as is specified in the order.
Direction is not a legislative instrument
40-10(5)
A direction under subsection (2) is not a legislative instrument.
Relationship with other laws
40-10(6)
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person giving incomplete or incorrect information.
Note: See section 600K .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision B - Direction to comply SECTION 40-10 REGISTERED LIQUIDATOR TO CORRECT INACCURACIES ETC.Application of this section
40-10(1)
This section applies if ASIC reasonably suspects that any information that a registered liquidator is required under this Act to give to ASIC (whether in a document lodged or given to ASIC or otherwise) is incomplete or incorrect in any particular.
[ CCH Note: Cl 40-10(1) will be amended by No 69 of 2020, s 3, Sch 1[1328], by inserting " or the Registrar " after " to ASIC " (wherever occurring) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
ASIC may give direction to correct information etc.
40-10(2)
ASIC may, in writing, direct the liquidator to do one or more of the following within a period of 10 business days after the direction is given:
(a) confirm to ASIC that the information is complete and correct;
(b) complete or correct the information (as the case requires);
(c) notify any persons specified by ASIC in the direction of the addition or correction.
[ CCH Note: Cl 40-10(2) will be amended by No 69 of 2020, s 3, Sch 1[1329], by inserting " or the Registrar (as the case requires) " after " ASIC " in para (a) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
40-10(3)
ASIC may, on the application of a registered liquidator made before the end of the period referred to in subsection (2), extend, or further extend, that period.
Consequences for failing to comply
40-10(4)
If the liquidator does not comply within the period, ASIC may do either or both of the following:
(a) give a direction under subsection 40-15(1) (direction not to accept further appointments);
(b) apply to the Court for an order, under subsection 1274(11) (registers), section 45-1 of this Schedule or any other provision that is relevant, directing the liquidator to comply with the requirement within such time as is specified in the order.
Direction is not a legislative instrument
40-10(5)
A direction under subsection (2) is not a legislative instrument.
Relationship with other laws
40-10(6)
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person giving incomplete or incorrect information.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.