Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 40 - Disciplinary and other action  

Subdivision B - Direction to comply  

SECTION 40-15   DIRECTION NOT TO ACCEPT FURTHER APPOINTMENTS  

ASIC may give direction not to accept further appointments

40-15(1)    
ASIC may, in writing, direct a registered liquidator not to accept any further appointments under Chapter 5 (external administration), or not to accept any further appointments under Chapter 5 during a period specified in the direction, if:

(a) the liquidator has failed to comply with a direction given to the liquidator under section 40-5 (direction to remedy failure to lodge documents, or give information or documents); or

(b) the liquidator has failed to comply with a direction given to the liquidator under section 40-10 (direction to correct inaccuracies); or

(c) a committee has decided under paragraph 40-55(1)(d) that ASIC should give the direction referred to in that paragraph; or

(d) the liquidator has failed to comply with a direction given to the liquidator under section 70-70 (direction to give relevant material); or

(e) the liquidator has failed to comply with a direction given to the liquidator under subsection 75-20(1) or (2), or subsection 80-27(1) (direction to convene a meeting of creditors or comply with requirements in relation to such a meeting).

Condition of registration to comply with direction

40-15(2)    
If ASIC gives a direction to a registered liquidator under subsection (1), it is a condition of the liquidator ' s registration that the liquidator must comply with the direction.

Withdrawal of direction

40-15(3)    
ASIC may withdraw a direction given under subsection (1).

40-15(4)    
The condition is removed from the liquidator ' s registration if ASIC withdraws the direction.

Direction is not a legislative instrument

40-15(5)    
A direction under subsection (1) is not a legislative instrument.

Relationship with other laws

40-15(6)    
Nothing in this section limits the operation of any other provision of this Act, or any other law, in relation to:

(a) a person who fails to comply with a requirement to lodge a document with, or give information or a document to, ASIC; or

(b) a person giving incomplete or incorrect information; or

(c) any matter in relation to which a committee makes a decision under subsection 40-55(1) .

40-15(7)    
Nothing in this section limits ASIC ' s power under this Act, or any other law, to apply to the Court for an order in relation to a failure to comply with a direction mentioned in subsection (1).