Section 1558 — Corporations Act 2001 (Cth)

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.

Related sections

• s 1555 — Period of old Act registrant’s registration under the Insolvency Practice Schedule (Corporations)
• s 1556 — Conditions for old Act registrants—conditions under the Insolvency Practice Schedule (Corporations)
• s 1557 — Current conditions for old Act registrants—undertakings under the old Act
• s 1559 — Old Act registrant registered as liquidator of a specified body corporate
• s 1560 — Old Act registrant chooses not to renew
• s 1561 — Application of obligation to lodge annual liquidator returns

Research how courts apply s 1558

BriefBridge searches Australian caselaw by meaning — every answer cited to the paragraph.