26Disqualifying breach

26 Disqualifying breach

The Secretary may, in writing, determine that an approved participant has committed a disqualifying breach if: (a) the Secretary is satisfied that the approved participant is the subject of an insolvency event; or (b) the Secretary: (i) has determined under section 25 that the approved participant has committed a serious breach; and (ii) is satisfied that, within 12 months after making that determination, the Secretary will likely be able to determine under section 25 that the approved participant has committed another serious breach; or (c) the approved participant, or a director of the approved participant, has been convicted of an offence against a law of the Commonwealth, or of a State or Territory, involving fraud, dishonesty, bribery or corruption.

Note 1: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

Note 2: Paragraph (c) covers the approved participant, and the individuals who are currently its directors, regardless of when the conviction happened.

Note 3: A decision under this section is reviewable by the Administrative Review Tribunal (see section 71).