Corporations Amendment (Corporate Insolvency Reforms) Act 2020 (130 of 2020)

Schedule 1   Restructuring of a company

Part 2   Consequential amendments

Payment Systems and Netting Act 1998

112   Section 5 (definition of external administrator)

Repeal the definition, substitute:

external administrator , for a person who goes into external administration, is:

(a) if, within the meaning of the Corporations Act 2001, the person is a company that is under restructuring or that has made a restructuring plan that has not yet terminated - the restructuring practitioner (within the meaning of that Act) for the company or for the plan; and

(b) otherwise - the person who takes control of the property, part of the property, the business, or part of the business, of the person under the administration.