(1) ASIC must cancel the registration of a business name to an entity if the entity lodges a notice with ASIC requesting ASIC to do so.
(2) The notice:
(a) must be in the prescribed form; and
(b) must be lodged in the prescribed manner.
(3) ASIC must, at least 28 days before cancelling the registration, give notice in writing to the entity informing the entity that ASIC intends to cancel the registration.