Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The holder of an approved arrangement must notify the Secretary, in writing, as soon as practicable after any of the following events occurs:
(a) there is a change in the holder's business structure;
(b) if the holder is an individual--the individual enters into a personal insolvency agreement under Part X of the Bankruptcy Act 1966 ;
(c) if the holder is a corporation--the corporation:
(i) enters into administration (within the meaning of section 435C of the Corporations Act 2001 ); or
(ia) begins restructuring (within the meaning of section 453A of that Act); or
(ii) is to be wound up (whether by a court or voluntarily);
(d) there is a change in the trading name, business address or contact details of the holder;
(e) any other event prescribed by the rules.
Example: For the purposes of paragraph (a), each of the following would be a change in the holder's business structure:
(a) a change in a person who manages or controls export operations covered by the approved arrangement;
(b) if the holder is a partnership--a change in the membership of the partnership.
Note: The Secretary may suspend or revoke the approved arrangement if:
(a) in certain cases, the holder is not a fit and proper person (see paragraphs 171(1)(b) and 179(1)(b)); or
(b) the holder fails to comply with this section (see paragraphs 171(1)(k) and 179(1)(k)).
(2) A person is liable to a civil penalty if:
(a) the person is required to notify the Secretary of an event in accordance with subsection (1); and
(b) the person fails to comply with the requirement.
Civil penalty: 60 penalty units.