79Notice of bankruptcy, etc.

79 Notice of bankruptcy, etc. (1) A licensee must, in the approved form, notify the Director if the licensee: (a) becomes bankrupt; or (b) applies to take the benefit of a law for the relief of bankrupt or insolvent debtors; or (c) compounds with the licensee's creditors or makes an assignment of the licensee's property, interest or remuneration for the benefit of licensee's creditors. (2) A notice under subsection (1) must be lodged within 7 days after the licensee is declared bankrupt, makes the application or makes the assignment. (5) The trustee, assignee or other person in whom the estate of a licensee becomes vested may, in the approved form, apply to the Director for approval to conduct the business of the licensee.