Corporations Act 2001
SCHEDULE 2
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INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
Application of this section
40-5(1)
This section applies if a registered liquidator fails to comply with a requirement to lodge any document, or give any information or document, that the liquidator is required under this Act to lodge with or give to ASIC.
ASIC may give direction to comply
40-5(2)
ASIC may, in writing, direct the liquidator to comply with the requirement within 10 business days after the direction is given.
40-5(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
40-5(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
40-5(5)
A direction under subsection (2) is not a legislative instrument.
Relationship with other laws
40-5(6)
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC.
Note: See section 600K .
PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 40 - Disciplinary and other action Subdivision B - Direction to comply SECTION 40-5 REGISTERED LIQUIDATOR TO REMEDY FAILURE TO LODGE DOCUMENTS OR GIVE INFORMATION OR DOCUMENTSApplication of this section
40-5(1)
This section applies if a registered liquidator fails to comply with a requirement to lodge any document, or give any information or document, that the liquidator is required under this Act to lodge with or give to ASIC.
[ CCH Note: Cl 40-5(1) will be amended by No 69 of 2020, s 3, Sch 1[1327], by inserting " or the Registrar " at the end of subsection, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
ASIC may give direction to comply
40-5(2)
ASIC may, in writing, direct the liquidator to comply with the requirement within 10 business days after the direction is given.
40-5(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
40-5(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
40-5(5)
A direction under subsection (2) is not a legislative instrument.
Relationship with other laws
40-5(6)
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to a person who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC.
[ CCH Note: Cl 40-5(6) will be amended by No 69 of 2020, s 3, Sch 1[1327], by inserting " or the Registrar " at the end of subsection, (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
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