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

Schedule 3   Improving regulation of insolvency practitioners

Corporations Act 2001

12   After subsection 1296(1A)

Insert:

(1B) If the Board:

(a) decides to exercise any of its powers under section 1292 in relation to a person; or

(b) decides that it is required to make an order under subsection 1292(7) in relation to a person;

then, in addition to meeting the requirements of subsection (1), the Board may take such steps as it considers reasonable and appropriate to publicise:

(c) the decision; and

(d) the reasons for the decision.

Without limiting this, the Board may make the decision and reasons available on the Internet.

(1C) If:

(a) the Board decides to exercise the power under section 1292, or makes the order under subsection 1292(7), on the basis of particular conduct engaged in by the person; and

(b) the person engaged in that conduct in the course of participating in the conduct of an audit on behalf of an audit firm or audit company;

a publication under subsection (1B) may identify the audit firm or audit company.