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

Schedule 3   Improving regulation of insolvency practitioners

Corporations Act 2001

8   Section 1284

Repeal the section, substitute:

1284 Insurance to be maintained by liquidators

(1) A person who is registered as a liquidator, or as a liquidator of a specified body corporate, must maintain:

(a) adequate and appropriate professional indemnity insurance; and

(b) adequate and appropriate fidelity insurance;

for claims that may be made against the person in connection with externally-administered bodies corporate.

(2) If the registration of a person as a liquidator, or as a liquidator of a specified body corporate, came into force before the commencement of this subsection, subsection (1) does not apply to the person at any time before 1 July 2008.