Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1292

1292. (1) The Board may, if it is satisfied on an application by the
Commission for a person who is registered as an auditor to be dealt with under
this section that, before, at or after the commencement of this section:

   (a)  the person has:

        (i)    contravened section 1288 or a corresponding law; or

        (ii)   ceased to be resident in Australia;

   (b)  a registration of the person under a law corresponding to Division 2
        has been cancelled or suspended;

   (c)  the person has been dealt with under a law corresponding to subsection
        (9) of this section; or

   (d)  that the person has failed, whether within or outside Australia, to
        carry out or perform adequately and properly:

        (i)    the duties of an auditor; or

        (ii)   any duties or functions required by an Australian law to be
               carried out or performed by a registered company auditor;
or is otherwise not a fit and proper person to remain registered as an
auditor; by order, cancel, or suspend for a specified period, the registration
of the person as an auditor.

(2) The Board may, if it is satisfied on an application by the Commission for
a person who is registered as a liquidator to be dealt with under this section
that, before, at or after the commencement of this section:

   (a)  the person has:

        (i)    contravened section 1288 or a corresponding law; or

        (ii)   ceased to be resident in Australia;

   (b)  a registration of the person under a law corresponding to Division 2
        has been cancelled or suspended;

   (c)  the person has been dealt with under a law corresponding to subsection
        (9) of this section; or

   (d)  that the person has failed, whether within or outside Australia, to
        carry out or perform adequately and properly:

        (i)    the duties of a liquidator; or

        (ii)   any duties or functions required by an Australian law to be
               carried out or performed by a registered liquidator;
or is otherwise not a fit and proper person to remain registered as a
liquidator; by order, cancel, or suspend for a specified period, the
registration of the person as a liquidator.

(3) The Board may, if it is satisfied on an application by the Commission for
a person who is registered as a liquidator of a specified body corporate to be
dealt with under this section that, before, at or after the commencement of
this section:

   (a)  the person has:

        (i)    contravened subsection 1288 (5) or a corresponding law; or

        (ii)   ceased to be resident in Australia;

   (b)  a registration of the person under a law corresponding to Division 2
        has been cancelled or suspended;

   (c)  the person has been dealt with under a law corresponding to subsection
        (9) of this section; or

   (d)  that the person has failed, whether within or outside Australia, to
        carry out adequately and properly the duties of a liquidator in
        respect of the winding up of that body corporate or is otherwise not a
        fit and proper person to remain registered as a liquidator of that
        body corporate; by order, cancel, or suspend for a specified period,
        the registration of the person as a liquidator of that body corporate.

(4) Where:

   (a)  the Commission applies to the Board for a person who is registered as
        an auditor to be dealt with under this section; and

   (b)  the person is also registered as a liquidator or as a liquidator of a
        specified body corporate; the Board may, in addition to making an
        order under subsection (1), if it is satisfied as to any of the
        matters specified in paragraph (2) (a), (b), (c) or (d) or (3) (a),
        (b), (c) or (d), make an order cancelling, or suspending for a
        specified period, the registration of the person as a liquidator or as
        a liquidator of that body, as the case may be, and, where the Board
        makes such an order, the order shall, for the purposes of this
        Division, be deemed to have been made under subsection (2) or (3), as
        the case may be.

(5) Where:

   (a)  the Commission applies to the Board for a person who is registered as
        a liquidator to be dealt with under this section; and

   (b)  the person is also registered as an auditor or as a liquidator of a
        specified body corporate; the Board may, in addition to making an
        order under subsection (2), if it is satisfied as to any of the
        matters specified in paragraph (1) (a), (b), (c) or (d) or (3) (a),
        (b), (c) or (d), make an order cancelling, or suspending for a
        specified period, the registration of the person as an auditor or as a
        liquidator of that body, as the case may be, and, where the Board
        makes such an order, the order shall, for the purposes of this
        Division, be deemed to have been made under subsection (1) or (3), as
        the case may be.

(6) Where:

   (a)  the Commission applies to the Board for a person who is registered as
        a liquidator of a specified body corporate to be dealt with under this
        section; and

   (b)  the person is also registered as an auditor or as a liquidator; the
        Board may, in addition to making an order under subsection (3), if it
        is satisfied as to any of the matters specified in paragraph (1) (a),
        (b), (c) or (d) or (2) (a), (b), (c) or (d), make an order cancelling,
        or suspending for a specified period, the registration of the person
        as an auditor or as a liquidator, as the case may be, and, where the
        Board makes such an order, the order shall, for the purposes of this
        Division, be deemed to have been made under subsection (1) or (2), as
        the case may be.

(7) The Board shall, if it is satisfied on an application by the Commission
for a prescribed person to be dealt with under this section:

   (a)  that the person is subject to a section 229 prohibition, a section 300
        order, a section 599 order or a section 600 notice; or

   (b)  that the person is incapable, because of mental infirmity, of managing
        his or her affairs; by order, cancel each prescribed registration of
        the person.

(8) In subsection (7) and in this subsection:

"prescribed person" means a person who is registered as an auditor, as a
liquidator or as a liquidator of a specified body corporate;

"prescribed registration", in relation to a prescribed person, means a
registration of the person as an auditor, as a liquidator or as the liquidator
of a specified body corporate.

(9) Where, on an application by the Commission for a person who is registered
as an auditor, as a liquidator or as a liquidator of a specified body
corporate to be dealt with under this section, the Board is satisfied that the
person has failed to carry out or perform adequately and properly any of the
duties or functions mentioned in paragraph (1) (d), (2) (d) or (3) (d), as the
case may be, or is otherwise not a fit and proper person to remain registered
as an auditor, liquidator or liquidator of that body, as the case may be, the
Board may deal with the person in one or more of the following ways:

   (a)  by admonishing or reprimanding the person;

   (b)  by requiring the person to give an undertaking to engage in, or to
        refrain from engaging in, specified conduct;

   (c)  by requiring the person to give an undertaking to refrain from
        engaging in specified conduct except on specified conditions; and, if
        a person fails to give an undertaking when required to do so under
        paragraph (b) or (c), or contravenes an undertaking given pursuant to
        a requirement under that paragraph, the Board may, by order, cancel,
        or suspend for a specified period, the registration of the person as
        an auditor, as a liquidator or as a liquidator of a specified body
        corporate, as the case may be.

(10) Where, on an application by the Commission for a person who is registered
as an auditor, as a liquidator or as a liquidator of a specified body
corporate to be dealt with under this section, the Board is empowered to deal
with the person as mentioned in subsection (9), the Board may so deal with the
person:

   (a)  if the Board is required to make an order under subsection (6) on the
        application-in addition to making such an order; or

   (b)  otherwise-in addition to, or instead of, cancelling or suspending the
        registration of the person as an auditor, as a liquidator or as a
        liquidator of that body, as the case may be.

(11) The Board may exercise any of its powers under this Division in relation
to a person as a result of conduct engaged in by the person whether or not
that conduct constituted or might have constituted an offence, and whether or
not any proceedings have been brought or are to be brought in relation to that
conduct.

(12) This section has effect subject to section 1294.