Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 20

20. (1) Subject to this section, where an application for registration as a
liquidator is made under section 17 and before the expiration of 6 months
after the date of commencement of this Act by a person who was, immediately
before that date, registered as a liquidator under the Companies Ordinance
1962-

   (a)  the Commission shall grant the application and register the applicant
        as a liquidator unless the Commission is satisfied that the person is
        not a fit and proper person to be registered as a liquidator; or

   (b)  if the Commission is satisfied that the person is not a fit and proper
        person to be registered as a liquidator-the Commission shall refuse
        the application.

(2) Subject to this section, where an application for registration as a
liquidator (not being an application to which sub-section (1) applies) is made
under section 17, 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 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 sub-paragraph (i) or (ii);

   (b)  the Commission is satisfied as to the experience of the applicant in
        connection with the winding up of corporations; 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.

(3) Where an application for registration as a liquidator of a specified
corporation is made under section 17, the Commission shall grant the
application and register the applicant as a liquidator of that corporation 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
corporation, having regard to the nature of the property or business of the
corporation and the interests of its creditors and contributories, but
otherwise the Commission shall refuse the application.

(4) The Commission shall not register as a liquidator, or as a liquidator of a
specified corporation, a person who-

   (a)  is prohibited, by virtue of an order made under section 562 or under
        any provision of a law, or a previous law, of a State or Territory
        that corresponds with that section, from acting as a director of, or
        from being concerned in or taking part in the management of, a company
        or other corporation; or

   (b)  is, by virtue of section 227, prohibited, without the leave of the
        Court, from acting as a director or promoter of, or from being
        concerned in or taking part in the management of, a corporation.

(5) Subject to sub-section (10), the Commission may refuse to register as a
liquidator or as a liquidator of a specified corporation a person who is not
resident in Australia.

(6) Where-

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

   (b)  the person has complied with the requirements of section 22, 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 corporation;

   (d)  specifying a date as the date of commencement of the registration,
        being-

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

        (ii)   the date on which the person complied with the requirements of
               section 22,

whichever was the later; and

   (e)  in the case of a person who is registered under sub-section (3) as a
        liquidator of a specified corporation-setting out the name of that
        corporation.

(7) Where-

   (a)  in a certificate issued to a person under sub-section (6) (including a
        certificate issued pursuant to this sub-section) a date is specified
        for the purposes of sub-section 26 (2); and

   (b)  the person requests the Commission to alter the date so specified and
        surrenders the certificate to the Commission, the Commission may
        cancel the certificate and issue to the person under sub-section (6),
        in place of the cancelled certificate, a new certificate that
        specifies a different date for the purposes of sub-section 26 (2).

(8) The registration of a person as a liquidator under sub-section (1) or (2)
comes into force at the commencement of the day specified in the certificate
as the date of commencement of the registration and remains in force until-

   (a)  the registration is cancelled by the Commission or by the Companies
        Auditors and Liquidators Disciplinary Board; or

   (b)  the person dies.

(9) The registration of a person as a liquidator of a specified corporation
under sub-section (3) comes into force at the commencement of the day
specified in the certificate as the date of commencement of the registration
and remains in force until-

   (a)  the registration is cancelled by the Commission or by the Companies
        Auditors and Liquidators Disciplinary Board;

   (b)  the person dies; or

   (c)  the dissolution of the corporation takes effect.

(10) The Commission shall not refuse to register a person as a liquidator, or
as a liquidator of a specified corporation, unless the Commission has afforded
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.

(11) Where the Commission refuses an application by a person for registration
as a liquidator, or as a liquidator of a specified corporation, the Commission
shall, not later than 14 days after the decision, give to the person notice in
writing setting out the decision and setting out the findings on material
questions of fact, referring to the evidence or other material on which those
findings were based and giving the reasons for the decision.