Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Division 2 - Application of Part 2 of the Insolvency Practice Schedule (Corporations) and related consequential amendments  

Subdivision A - Registering liquidators  

SECTION 1558   CURRENT CONDITIONS FOR OLD ACT REGISTRANTS - UNDERTAKINGS UNDER THE ASIC ACT  

Undertakings under the ASIC Act

1558(1)    
If:

(a) before the commencement day, an old Act registrant gives ASIC an undertaking under section 93AA of the ASIC Act to engage in, or refrain from engaging in, conduct as a liquidator, or as a liquidator of a specified body corporate; and

(b) that undertaking is in force immediately before the commencement day;

it is a condition of the old Act registrant ' s registration under the Insolvency Practice Schedule (Corporations) that he or she comply with the undertaking.

1558(2)    
A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.

Enforcement of undertaking under the ASIC Act not affected

1558(3)    
Nothing in this section affects the application of section 93AA of the ASIC Act in relation to a breach of an undertaking accepted under that section.