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 1557   CURRENT CONDITIONS FOR OLD ACT REGISTRANTS - UNDERTAKINGS UNDER THE OLD ACT  

Undertakings under the old Act

1557(1)    
If:

(a) an old Act registrant was required to give an undertaking under paragraph 1292(9)(b) or (c) of the old Act; and

(b) that requirement is still 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 gives and complies with the undertaking.

1557(2)    
A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.

Varying etc. conditions of registration

1557(3)    
Subdivision C of Division 20 of the Insolvency Practice Schedule (Corporations) applies to a condition imposed under subsection (1) in the same way as it applies to a condition imposed by a committee under the Insolvency Practice Schedule (Corporations).