Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1557

Undertakings under the old Act

  (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.

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

Varying etc. conditions of registration

  (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).