Corporations Act 2001
CHAPTER 10
-
TRANSITIONAL PROVISIONS
PART 10.25
-
TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
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;
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.
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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.