Section 48

The court may, by order, appoint a licensed insolvency practitioner to take responsibility for winding up a registered business trust in accordance with the trust deed of the registered business trust and any order mentioned in subsection (2) if the court thinks it necessary to do so for reasons including the cessation of the trustee‑manager of the registered business trust to exist or the failure of the trustee‑manager to properly discharge its obligations in relation to the winding up, and upon such appointment by the court and despite any provision in the trust deed, the trustee‑manager no longer has any authority or power to wind up the registered business trust.

The court may, by order, give directions as to —

An order mentioned in subsection (1) or (2) may be made on the application of —

An order mentioned in subsection (2) may be made on the application of the liquidator of a registered business trust.

Upon the completion of the winding up of a registered business trust by a liquidator, the liquidator must give written notice of the completed winding up to the Authority within 2 business days of the completion.

Any person who contravenes subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.