Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 2   Deterring corporate misconduct

Australian Securities and Investments Commission Act 2001

1   After subsection 13(2)

Insert:

(3) If ASIC has reason to suspect that a liquidator registered under Division 2 of Part 9.2 of the Corporations Act:

(a) has not, or may not have, faithfully performed his or her duties; or

(b) is not, or may not be, faithfully performing his or her duties;

ASIC may make such investigation as it thinks expedient for the due administration of the corporations legislation (other than the excluded provisions).