Corporations Act 2001

[ CCH Note: Regulation Sch 13, item [12] (which was effective 1 March 2017) provides that s 1592 is amended as follows:

Repeal the section, substitute:

1592 Transitional rules for annual administration returns

(1) Section 70-5 of the Insolvency Practice Schedule (Corporations) applies in relation to a person if the person first began to be an external administrator of a company on or after 1 September 2017.

(2) Section 70-5 of the Insolvency Practice Schedule (Corporations) also applies in relation to a person if the person first began to be an external administrator of a company before 1 September 2017 as if the reference in that section to an administration return year for the administrator were a reference to:

(a) the first full year starting on or after 1 September 2017 that is an anniversary of when the person first began to be the external administrator of the company; and

(b) each subsequent period of 12 months.

(3) Despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016, those provisions continue to apply to an external administrator of a company appointed before 1 September 2017:

(a) if the end of the 6-month period referred to in the old return provisions occurs before 1 March 2018 - in relation to that period; and

(b) if the end of that period is not an anniversary of the administrator ' s appointment - in relation to the subsequent 6-month period.

(4) To avoid doubt, despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued in relation to accounts lodged under those provisions as if the old Act continued to apply.

(5) In this section:

old return provisions means the following provisions of the old Act:

(a) subsection 438E(1);

(b) subsection 445J(1);

(c) subsection 539(1), other than the extent to which it relates to a liquidator ceasing to act as liquidator.

1592A Transitional rules for end of administration returns

(1) Section 70-6 of the Insolvency Practice Schedule (Corporations) applies in relation to external administrations that end on or after 1 September 2017.

(2) Despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016 , those provisions continue to apply, in relation to an external administrator of a company, if the external administrator ceases to act as an external administrator for the company before 1 September 2017.

(3) To avoid doubt, despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016 , audits may be continued in relation to accounts lodged under those provisions as if the old Act continued to apply.

(4) In this section:

old return provisions means the following provisions of the old Act, as in force before their repeal by Schedule 2 to the Insolvency Law Reform Act 2016:

(a) subsection 438E(2);

(b) subsection 445J(2);

(c) subsection 539(1), to the extent to which it relates to a liquidator ceasing to act as liquidator.]