Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 30 - Annual liquidator returns  

SECTION 30-1   ANNUAL LIQUIDATOR RETURNS  
Registered liquidator must lodge annual return

30-1(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).

30-1(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.

30-1(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.

30-1(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

30-1(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: 20 penalty units.