40Notification by successor in relation to a deceased estate

#### 40 Notification by successor in relation to a deceased estate (1) If: (a) a business name is registered to an entity that is an individual; and (b) the individual dies; and (c) none of the following has been granted to a person: (i) probate of the will of the deceased; (ii) letters of administration of the estate of the deceased; (iii) any other similar grant; and (d) there are reasonable grounds for concluding that an entity will inherit assets formerly used by the deceased in carrying on a business under the business name; the entity may lodge with ASIC notice of that fact. (2) The notice: (a) must be in the prescribed form; and (b) must be lodged in the prescribed manner. (3) ASIC must register the Business Name to the estate of the deceased. (4) ASIC may enter the name of an entity as a notified successor in relation to a business name, and other prescribed details, if the entity lodges notice with ASIC in accordance with subsections (1) and (2). (5) ASIC may refuse to enter the name of an entity as a notified successor in relation to a business name if ASIC is not satisfied that there are reasonable grounds for concluding that the entity will inherit assets formerly used by the deceased in carrying on a business under the business name. (6) ASIC must remove the entry for a notified successor in relation to a business name from the Business Names Register if ASIC receives notice in relation to the business name under section 39. (7) If one or more entities is noted on the Business Names Register as a notified successor, ASIC is taken to satisfy an obligation under this Act or the Transitional Act to give notice to the entity to whom the business name is registered if ASIC gives notice to each notified successor.