Clause 48

The court may, by order, appoint an approved liquidator to take responsibility for winding up a registered business trust in accordance with the trust deed of the registered business trust and any order referred to 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 notwithstanding any provision in the trust deed, the trustee-manager shall no longer have any authority or power to wind up the registered business trust.

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

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

An order referred to 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 shall give notice in writing 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 thereof during which the offence continues after conviction.