Export Control Act 2020

The holder of an approved arrangement must notify the Secretary, in writing, as soon as practicable after any of the following events occurs:

there is a change in the holder’s business structure;

if the holder is an individual—the individual enters into a personal insolvency agreement under Part X of the Bankruptcy Act 1966;

if the holder is a corporation—the corporation:

enters into administration (within the meaning of section 435C of the Corporations Act 2001); or

begins restructuring (within the meaning of section 453A of that Act); or

is to be wound up (whether by a court or voluntarily);

there is a change in the trading name, business address or contact details of the holder;

any other event prescribed by the rules.

For the purposes of paragraph (a), each of the following would be a change in the holder’s business structure:

a change in a person who manages or controls export operations covered by the approved arrangement;

if the holder is a partnership—a change in the membership of the partnership.

The Secretary may suspend or revoke the approved arrangement if:

in certain cases, the holder is not a fit and proper person (see paragraphs 171(1)(b) and 179(1)(b)); or

the holder fails to comply with this section (see paragraphs 171(1)(k) and 179(1)(k)).

A person is liable to a civil penalty if:

the person is required to notify the Secretary of an event in accordance with subsection (1); and

the person fails to comply with the requirement.