Commonwealth Consolidated Acts

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Current conditions for old Act registrants--undertakings under the ASIC Act

Undertakings under the ASIC Act

             (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.

             (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

             (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.

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