(1) On the appointment of a liquidator to conduct the winding up of an employer  sponsored scheme

(a) the scheme assets shall vest in the liquidator, subject to the beneficial interests of the members with respect to their accrued benefits in the scheme; and

(b) the approved trustee, and any persons concerned with the administration of the scheme including any service provider appointed or engaged by that trustee for the purposes of the scheme cease to be responsible for the administration of the scheme and, except as directed or authorized by the liquidator shall not perform any function in relation to the scheme.

(2) A liquidator

(a) shall take reasonably practicable steps to take possession of the scheme assets within thirty days  after being appointed; 

(b) may require the approved trustee of the scheme or an employee or agent of the approved trustee;

(c) any service provider appointed or engaged for the purposes of the  scheme;

(d) any other person who, in the opinion of the liquidator, appears to be  with the administration of the scheme, whether directly or indirectly;

(e) The participating employer, or an employee or agent of the participating employer; to pay, deliver or transfer to the liquidator, within a reasonable period that the liquidator may specify, any scheme assets in the possession of that person.

(3) A person who, except at the direction or with the authority of the liquidator, purports to exercise or perform a function in relation to the administration of an employer sponsored scheme after the appointment of a liquidator commits an offence and is liable on summary conviction to a fine of not less than one thousand and five hundred penalty units and not more than two thousand, five hundred and fifty penalty units or to a term of imprisonment not more than five years or to both.

(4) A person who, without reasonable excuse, fails to comply with a requirement of a liquidator commits an offence and is liable on summary conviction to a fine of not less than one thousand and five hundred penalty units and not more than two thousand, five hundred and fifty penalty units or to a term of imprisonment not more than five years or to both.

(5) A person who,

(a) makes a statement that that person knows to be false or misleading in a material respect in a document given to the liquidator; or

(b) recklessly makes a statement which is false or misleading in a material respect in a document given to the liquidator commits an offence and is liable on summary conviction to a fine of not less than one thousand and five hundred penalty units and not more than two thousand, five hundred and fifty penalty units or to a term of imprisonment not more than five years or to both.