Corporations Act 2001
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Hide history noteThis Part deals with the way this Act will apply when the provisions of the Insolvency Law Reform Act 2016 begin to operate.
Application of Part 2 of the Insolvency Practice Schedule (Corporations)
A person registered as a liquidator before the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue to be registered and must comply with the requirements and duties under Part 2 of the Insolvency Practice Schedule (Corporations).
Application of Part 3 of the Insolvency Practice Schedule (Corporations)
Part 3 of the Insolvency Practice Schedule (Corporations) will apply to an external administration that starts on or after the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 and to most ongoing administrations (but generally only in relation to new events).
Proceedings before the Court or the Administrative Appeals Tribunal
Proceedings already begun in the Court or the Administrative Appeals Tribunal before the commencement of the amendments made by Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue under the old Act. Orders of the Court under the old Act continue to have effect.
Regulations
Regulations may be made to deal with other transitional matters.
[ CCH Note 1: Regulation 10.25.01(3) (which was effective 1 March 2017) provides:
]For the purposes of subsection 1634(2) of the Act, Part 10.25 of Chapter 10 of the Act applies as if Divisions 1, 2 and 3 of that Part were modified as set out in Schedule 13.
[ CCH Note 2: Regulation Sch 13, item [1] (which was effective 1 March 2017) provides that s 1550 (paragraph relating to Part 3) is amended as follows:
In this Part:
commencement day
means the day on which Part 1 of Schedule 2 to the
Insolvency Law Reform Act 2016
commences.
[ CCH Note: Regulation 10.25.01(1) (which was effective 1 March 2017) provides:
]For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the references in Divisions 3 and 5 of that Part to the commencement day were a reference to 1 September 2017.
Insolvency Practice Schedule (Corporations)
means Schedule
2
to this Act, and includes rules made under section
105-1
of that Schedule.
make
, in relation to an order that is a direction, includes give.
new external administration
of a company means an external administration of a company that starts on or after the commencement day.
old Act
means the
Corporations Act 2001
, as in force immediately before the commencement day and includes the old regulations.
old Act registrant
has the meaning given by subsection
1553(4)
.
old Act registration day
, in relation to a person, has the meaning given by subsection
1555(2)
.
old regulations
means the
Corporations Regulations 2001
, as in force immediately before the commencement day.
ongoing external administration
of a company means an external administration of a company that started before the commencement day and ends after that day.
[ CCH Note: Regulation 10.25.01(2) (which was effective 1 March 2017) provides:
]For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the definition of ongoing external administration in section 1551 of the Act were omitted and the following definition were substituted for the purposes of Divisions 3 and 5 of that Part:
ongoing external administration of a company means an external administration of a company that started before 1 September 2017 and ends after that day.
registered
: a person is
registered
as a liquidator, or as a liquidator of a specified body corporate, at a particular time in the circumstances set out in subsection
1552(2)
.
Register of Liquidators
means the Register of Liquidators established and maintained under section
15-1
of the Insolvency Practice Schedule (Corporations).
[ CCH Note: Definition of Register of Liquidators will be repealed by No 69 of 2020, s 3, Sch 1[1311] (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
If, before the commencement day:
(a) a person has applied for registration as a liquidator, or as a liquidator of a specified body corporate, under section 1279 of the old Act; and
(b) the person ' s application has not been refused; and
(c) the person is not registered before the commencement day as a liquidator, or as a liquidator of a specified body corporate;
the application is taken never to have been made and ASIC must refund any fee paid in relation to the application.
1552(2)
A person is registered as a liquidator, or as a liquidator of a specified body corporate, at a particular time if:
(a) a certificate of registration as a liquidator or as a liquidator of a specified body corporate has been issued to the person under subsection 1282(6) of the old Act before that time; and
(b) the day specified in the certificate as the day on which the registration would begin occurs before the day on which that time occurs.
Person registered under the old Act immediately before the commencement day
1553(1)
If a person is registered as a liquidator, or as a liquidator of a specified body corporate, immediately before the commencement day, on the commencement day the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations).
Person registered but suspended under the old Act before the commencement day
1553(2)
If:
(a) a person is registered as a liquidator, or as a liquidator of a specified body corporate, before the commencement day; and
(b) that person ' s registration is suspended before the commencement day; and
(c) the period of the suspension does not expire before the commencement day;
the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day, but the person ' s registration is taken to be suspended under the Insolvency Practice Schedule (Corporations) for a period that ends when the period of the suspension under the old Act would have ended.
Note: The old Act registrant could apply under Subdivision F of Division 40 of the Insolvency Practice Schedule (Corporations) to have the suspension lifted or shortened.
Circumstances in which person not taken to be registered
1553(3)
Despite subsections (1) and (2), a person mentioned in one of those subsections is not taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day if, at the beginning of that day:
(a) the person is an insolvent under administration; or
(b) the person is dead.
Meaning of old Act registrant
1553(4)
A person who is taken to be registered under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) because of this section is referred to as an old Act registrant .
ASIC must enter on the Register of Liquidators, in relation to each old Act registrant, the details prescribed under subsection 15-1(3) of the Insolvency Practice Schedule (Corporations) that relate to that old Act registrant.
1554(2)
If ASIC holds information in relation to an old Act registrant before the commencement day, ASIC may use and disclose the information for the purposes of establishing and maintaining the Register of Liquidators.
[ CCH Note: S 1554 will be repealed by No 69 of 2020, s 3, Sch 1[1312] (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
[ CCH Note: Regulation Sch 13, item [2] (which was effective 1 March 2017) provides that after s 1554:
1554A Saving of Register of Official Liquidators
The registration of an old Act registrant under the Insolvency Practice Schedule (Corporations) is for a period ending on the first anniversary of the old Act registration day for that person that occurs on or after the commencement day.
1555(2)
The old Act registration day in relation to a person who was registered (or but for a suspension would have been registered) as a liquidator, or as a liquidator of a specified body corporate, immediately before the commencement day, is the day on which that registration began.
1555(3)
To avoid doubt, the registration of an old Act registrant under the Insolvency Practice Schedule (Corporations) may be renewed in accordance with that Schedule.
To avoid doubt, a condition may be imposed on an old Act registrant (or on a class that includes an old Act registrant) under the Insolvency Practice Schedule (Corporations) in accordance with that Schedule.
Undertakings under the old Act
1557(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.
1557(2)
A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.
Varying etc. conditions of registration
1557(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).
Undertakings under the ASIC Act
1558(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.
1558(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
1558(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.
Old Act registrant may not accept further appointments
1559(1)
If an old Act registrant was registered as a liquidator of a specified body corporate 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 must not accept any further appointments as external administrator of a company.
1559(2)
That condition is a current condition imposed on the old Act registrant.
Registration cancelled once current administrations completed
1559(3)
On the day immediately after the external administration of the body corporate in relation to which the old Act registrant was registered ends:
(a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations) to have his or her registration as a liquidator cancelled; and
(b) ASIC is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Corporations).
Old Act registrant applies for registration under section 20-5 of the Insolvency Practice Schedule (Corporations)
1559(4)
To avoid doubt, if the old Act registrant applies under section 20-5 of the Insolvency Practice Schedule (Corporations) to be registered as a liquidator, and is registered in response to that application, this section does not affect that registration.
Application of this section
1560(1)
This section applies if an old Act registrant does not apply for renewal of his or her registration under the Insolvency Practice Schedule (Corporations) before his or her period of registration under subsection 1555(1) ends (the expiry day ).
Old Act registrant may not accept further appointments after registration expires
1560(2)
The old Act registrant is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) after the expiry day, subject to a condition that he or she must not accept any further appointments as external administrator of a company.
1560(3)
That condition is a current condition imposed on the old Act registrant.
Registration cancelled once current administrations completed
1560(4)
On the day immediately after all of the external administrations of companies that the old Act registrant is entitled to carry out in accordance with his or her current conditions ends:
(a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations) to have his or her registration as a liquidator cancelled; and
(b) ASIC is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Corporations).
Application of the Insolvency Practice Schedule (Corporations)
1561(1)
Section 30-1 of the Insolvency Practice Schedule (Corporations) applies in relation to liquidator return years that begin on or after the commencement day.
Meaning of liquidator return year
1561(2)
In working out the liquidator return year for an old Act registrant under subsection 30-1(2) of the Insolvency Practice Schedule (Corporations), " the day on which that registration first began " , means " the old Act registration day for that person (as defined for the purpose of Part 10.25 of this Act) " .
Annual statements under the old Act
1561(3)
The repeal of section 1288 by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to liquidator return years beginning on or after the commencement day.
If: (a) within 2 years before the commencement day, an event of a kind mentioned in subsection 35-1(1) of the Insolvency Practice Schedule (Corporations) occurs in relation to an old Act registrant; and (b) the old Act registrant has not already informed ASIC in writing of the event before the commencement day;
the old Act registrant must lodge with ASIC a notice, in the approved form, relating to the event.
[ CCH Note: S 1562(1) will be amended by No 69 of 2020, s 3, Sch 1[1313], by substituting " with the Registrar a notice relating to the event. The notice must meet any requirements of the data standards. " for " with ASIC a notice, in the approved form, relating to the event. " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
1562(2)
The notice must be lodged: (a) if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day - within one month after the commencement day; or (b) if paragraph (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day - within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.
1562(3)
A person commits an offence if: (a) the person is subject to a requirement under subsection (1) within the period specified in subsection (2); and (b) the person intentionally or recklessly fails to comply with the requirement within that period.
Penalty: 100 penalty units.
This section applies if:
(a) before the commencement day, a person requests ASIC under section 1290 of the old Act to cancel the person ' s registration as a liquidator or as a liquidator of a specified body corporate; and
(b) no decision by ASIC to cancel that registration has come into effect before the commencement day.
1563(2)
ASIC may not cancel the registration under section 1290 of the old Act.
1563(3)
However, for the purposes of paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations), the person is taken to have lodged a request with ASIC in the approved form to have the person ' s registration as a liquidator under the Insolvency Practice Schedule (Corporations) cancelled.
1563(4)
The amendments of section 1290 made by Schedule 2 to the Insolvency Law Reform Act 2016 apply in relation to requests made to ASIC under section 1290 on or after the commencement day.
This section applies if:
(a) before the commencement day, a decision is made by ASIC under section 1290A of the old Act to cancel the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and
(b) the decision has not come into effect before the commencement day.
1564(2)
On the commencement day, ASIC is taken to have made a decision under section 40-30 of the Insolvency Practice Schedule (Corporations) to cancel the registration of the person as a liquidator.
1564(3)
Section 40-35 of the Insolvency Practice Schedule (Corporations) applies in relation to the decision as if the decision were made on the commencement day.
If:
(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and
(b) the Board has not, before the commencement day:
(i) made an order in response to the application under subsection 1292(2) , (3) , (4) , (5) , (6) or (7) of the old Act; or
(ii) dealt with the person under subsection 1292(9) of the old Act in response to the application; or
(iii) held a conference in relation to the application under section 1294A ;
the Board must cease its consideration of the matter on the commencement day without making such an order, dealing with the person under subsection 1292(9) of the old Act or convening such a conference under section 1294A .
1565(2)
If:
(a) the Board has ceased to consider a matter because of subsection (1); and
(b) a conference has been convened in relation to the matter under subsection 1294A(1) , but not yet held;
the Chairperson of the Board need not give notice of the conference under subsection 1294A(3) and the conference need not be held.
1565(3)
The fact that the Board has ceased to consider the matter does not preclude the matter, or any aspect of the matter, from being dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).
1565(4)
To avoid doubt, nothing in this section affects any right or obligation that any person has before the commencement day, including any right to review, in relation to the application or the consideration of the matter by the Board.
This section applies if:
(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and
(b) before the commencement day, the Board has:
(i) made an order in response to the application under subsection 1292(2) , (3) , (4) , (5) , (6) or (7) ; or
(ii) dealt with the person under subsection 1292(9) in response to the application; or
(iii) held a conference in relation to the application under section 1294A .
1566(2)
The old Act continues to apply in relation to:
(a) the decision to:
(i) make the order under subsection 1292(2) , (3) , (4) , (5) , (6) or (7) ; or
(ii) deal with the matter under subsection 1292(9) in response to the application; or
(iii) convene the conference under section 1294A ; and
(b) a decision made at the conference held under section 1294A ; and
(c) any process ordered under subsection 1294A(4) at the conference held under that section; and
(d) the matter in relation to which the conference was held under section 1294A before the commencement day.
1566(3)
The same matter may not be dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).
This section applies if:
(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and
(b) before the commencement day, the Board has decided to refuse to:
(i) make an order in response to the application under subsection 1292(2) , (3) , (4) , (5) , (6) or (7) ; or
(ii) deal with the person under subsection 1292(9) in response to the application; or
(iii) convene a conference in relation to the application under section 1294A .
1567(2)
The old Act continues to apply in relation to the decision to refuse to make the order under subsection 1292(2) , (3) , (4) , (5) , (6) or (7) , deal with the matter under subsection 1292(9) in response to the application or convene a conference under section 1294A .
1567(3)
The same matter may not be dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).
If:
(a) an application has been made under section 1295 of the old Act to terminate the suspension of the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and
(b) the Board has neither refused the application nor, by order, terminated the suspension before the commencement day;
the Board must cease its consideration of the matter on the commencement day without making such an order.
1568(2)
If:
(a) the Board, under section 1295 of the old Act, is considering of its own motion whether to terminate the suspension of the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and
(b) the Board has not, by order, terminated the suspension before the commencement day;
the Board must cease its consideration of the matter on the commencement day without making such an order.
1568(3)
The fact that the Board has ceased to consider the matter does not preclude the matter from being dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).
The Chair of a committee convened under Part 2 of the Insolvency Practice Schedule (Corporations) may request the Chairperson of the Board (the Board Chair ) to give the committee any information or document in the Board ' s possession or control in relation to a person who:
(a) is, or has at any time been, a registered liquidator under the Insolvency Practice Schedule (Corporations); or
(b) has at any time been registered as a liquidator, or as a liquidator of a specified body corporate, under the old Act.
1569(2)
The Board Chair must comply with the request within 10 business days.
Subdivision B of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not a requirement mentioned in that Subdivision to lodge a document or give information or a document arises before, on or after the commencement day.
Section 40-25 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-25(1) occurs before, on or after the commencement day.
1571(2)
However, paragraph 40-25(1)(c) of the Insolvency Practice Schedule (Corporations) does not apply in relation to the cancellation of the registration of a person as a trustee under the Bankruptcy Act 1966 , as in force at any time before the commencement day.
Section 40-30 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-30(1) occurs before, on or after the commencement day.
1572(2)
However, paragraph 40-30(1)(c) of the Insolvency Practice Schedule (Corporations) does not apply in relation to the cancellation of the registration of a person as a trustee under the Bankruptcy Act 1966 , as in force at any time before the commencement day.
Subdivision E of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-40(1) of the Schedule occurs before, on or after the commencement day.
Subdivision F of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not a person ' s registration as a liquidator is suspended under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).
Section 40-100 of the Insolvency Practice Schedule (Corporations) applies, whether or not the grounds to which a notice under that section relates arise because of an action, a failure to act or circumstance that occurs before, on or after the commencement day.
The Court may exercise its powers to make an order under section 45-1 of the Insolvency Practice Schedule (Corporations), whether or not the action or failure to act in relation to which, or because of which, the order is made occurs before, on or after the commencement day.
This section applies if, as a result of the continued application of the old Act on or after the commencement day, a relevant body may decide to register a person, or suspend or cancel the registration of a person, as a liquidator or as a liquidator of a specified body corporate under the old Act.
1577(2)
A relevant body may instead: (a) register the person, or suspend or cancel the registration of the person, as a liquidator under the Insolvency Practice Schedule (Corporations); and (b) by order, modify the application of this Part or the Insolvency Practice Schedule (Corporations) in relation to the registration, or the suspension or cancellation of the registration, of the person as a liquidator under the Insolvency Practice Schedule (Corporations).
1577(3)
In this section:
relevant body
means ASIC, the Administrative Review Tribunal, the Court or any other body.
This Division deals with the way this Act will apply to external administrations when the provisions of the Insolvency Practice Schedule (Corporations) begin to operate.
New external administrations
The Insolvency Practice Schedule (Corporations) applies to external administrations that start on or after the commencement of the Insolvency Law Reform Act 2016 (called new external administrations).
Ongoing external administrations
For external administrations that start before that day but are still ongoing (called ongoing external administrations), the Insolvency Practice Schedule (Corporations) applies in accordance with this Division but usually only in relation to new events. Generally, the old Act continues to apply to old events and processes that are incomplete. There are some exceptions.
Old external administrations
For old external administrations that have ended but that may have ongoing obligations or processes, in most cases the old Act continues to apply.
[ CCH Note: Regulation Sch 13, item [3] (which was effective 1 March 2017) provides that s 1578 (paragraph relating to new external administrations) is amended as follows:
New external administrations
1579(1)
Part 3 of the Insolvency Practice Schedule (Corporations) applies in relation to a new external administration of a company.
Ongoing external administrations
1579(2)
Part 3 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company in accordance with this Division.
[ CCH Note: Regulation Sch 13, item [4] (which was effective 1 March 2017) provides that s 1579 is amended as follows:
1579 Application of Part 3 of the Insolvency Practice Schedule (Corporations) - general rules
Subdivision B to D of Division 60 of the Insolvency Practice Schedule (Corporations) applies in relation to an external administrator of a company under ongoing external administration who is appointed on or after the commencement day.
Despite the repeal of sections 449E and 473 and the repeal and substitution of subsections 499(3) to (7) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , the old Act continues to apply in relation to the remuneration of an external administrator of a company who is appointed before the commencement day.
1581(2)
Despite subsection (1), if, under Subdivision F of this Division, Division 75 of the Insolvency Practice Schedule (Corporations) rather than the old Act would apply to a meeting that deals with the remuneration of an external administrator of a company who is appointed before the commencement day, Division 75 of the Insolvency Practice Schedule (Corporations) applies to that meeting.
[ CCH Note: Regulation Sch 13, item [5] (which was effective 1 March 2017) provides that s 1581 is amended as follows:
1581 Old Act continues to apply in relation to remuneration for administrators already appointed or appointed during transition period
Section 60-20 of the Insolvency Practice Schedule (Corporations) applies in relation to an external administrator of an ongoing external administration of a company whether or not the administrator was appointed before, on or after the commencement day.
1582(2)
However, that section does not apply in relation to arrangements made before the commencement day.
[ CCH Note 1: Regulation Sch 13, item [5] (which was effective 1 March 2017) provides that s 1582 is amended as follows:
1582 Duties of administrators relating to remuneration and other benefits
[ CCH Note 2: Corporations Regulations Sch 13, item [6] (effective 1 March 2017) provides that s 1582(1) is amended as follows:
This section applies if the remuneration of an external administrator of a company is fixed under section 449E of the old Act:
(a) before the commencement day; or
(b) on or after the commencement day (in accordance with a provision of this Division).
1583(2)
Despite the repeal of that section and the amendment of paragraph 443D(b) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , the old Act continues to apply in relation to any right of indemnity that the external administrator has as if that repeal and amendment had not happened.
Subsection 473A(1) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) applies whether or not the vacancy in the office of liquidator occurred before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [7] (which was effective 1 March 2017) provides that s 1584 is amended as follows:
Application of new section 198G
1585(1)
Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.
Approval under old Act continues to have effect
1585(2)
If, under subsection 499(4) of the old Act, a committee of inspection or the company ' s creditors give approval for a director of the company to continue to perform or exercise the director ' s powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) do not apply in relation to the director.
Division 65 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company.
[ CCH Note: Regulation Sch 13, item [8] (which was effective 1 March 2017) provides that s 1586 is amended at the end of s 1586 as follows:
If, immediately before the commencement day, a person has a liquidator ' s general account in relation to the external administration of:
(a) a company; or
(b) a company in a pooled group;
the account is taken on and after the commencement day to be an administration account for the company for the purposes of section 65-5 of the Insolvency Practice Schedule (Corporations).
Application of the Insolvency Practice Schedule (Corporations)
1588(1)
Sections 65-5 and 65-15 of the Insolvency Practice Schedule (Corporations) do not apply in relation to money received before the commencement day.
Old regulations continue to apply to money received before commencement
1588(2)
Paragraph 5.6.06(1)(b) of the old regulations continues to apply in relation to money received before the commencement day.
[ CCH Note: Regulation Sch 13, item[9] (which was effective 1 March 2017) provides that s 1588(2) (heading) is amended as follows:
Section 65-25 of the Insolvency Practice Schedule (Corporations) does not apply in relation to money paid out of an administration account before the commencement day.
Application of the Insolvency Practice Schedule (Corporations)
1590(1)
Section 65-40 of the Insolvency Practice Schedule (Corporations) does not apply in relation to negotiable instruments and other securities received before the commencement day.
Old regulations continue to apply to money received before commencement
1590(2)
Regulation 5.6.07 of the old regulations continues to apply in relation to bills, notes and other securities received before the commencement day.
[ CCH Note: Regulation Sch 13, item [10] (which was effective 1 March 2017) provides that s 1590(2) (heading) is amended as follows:
Division 70 of the Insolvency Practice Schedule(Corporations) applies in relation to an ongoing external administration of a company.
[ CCH Note: Regulation Sch 13, item [11] (which was effective 1 March 2017) provides that s 1591 is amended at the end of s 1591 as follows:
Administration returns for 2017-18 and later years
1592(1)
Sections 70-5 and 70-6 of the Insolvency Practice Schedule (Corporations) apply in relation to the financial year starting on 1 July 2017 and later financial years.
Accounts under old Act
1592(2)
Subsection (3) of this section applies in relation to the repeal of each of the following sections of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 :
(a) 438E;
(b) 445J;
(c) 539.
1592(3)
To the extent that a repealed section relates to a period for which an account or statement must be lodged:
(a) the repeal of the section applies in relation to periods starting on or after 1 July 2017; and
(b) the section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.
Continuation of audits under old Act
1592(4)
For the avoidance of doubt, despite the repeal of a section mentioned in subsection (2) by Schedule 2 to the Insolvency Law Reform Act 2016 , audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.
[ CCH Note: Regulation Sch 13, item [12] (which was effective 1 March 2017) provides that s 1592 is amended as follows:
1592 Transitional rules for annual administration returns
1592A Transitional rules for end of administration returns
Application of the Insolvency Practice Schedule (Corporations)
1593(1)
Section 70-10 of the Insolvency Practice Schedule (Corporations) does not apply in relation to events:
(a) that occur before the commencement day; and
(b) in respect of which, or because of which, entries or minutes are to be made.
Old Act continues to apply to events etc. before commencement day
1593(2)
Despite the repeal of section 531 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , that section continues to apply in relation to events:
(a) that occur before the commencement day; and
(b) in respect of which, or because of which, entries or minutes must be made.
Sections 70-15 to 70-25 of the Insolvency Practice Schedule (Corporations) apply to books relating to an ongoing external administration whether or not the books are kept under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).
[ CCH Note: Regulation Sch 13, item [13] (which was effective 1 March 2017) provides that s 1594 is amended as follows:
Application of the Insolvency Practice Schedule (Corporations)
1595(1)
Sections 70-30 and 70-31 of the Insolvency Practice Schedule (Corporations) apply in relation to a person who ceases to be the external administrator of a company on or after the commencement day.
Application of repeal of old Act
1595(2)
The repeal of section 1298A of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to a person whose registration as a liquidator is cancelled or suspended on or after the commencement day.
Application of the Insolvency Practice Schedule (Corporations)
1596(1)
To avoid doubt, section 70-35 of the Insolvency Practice Schedule (Corporations) applies to books relating to an ongoing external administration whether or not the books were kept under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).
[ CCH Note: Regulation Sch 13, item [14] (which was effective 1 March 2017) provides that s 1596(1) is amended as follows:
Old Act continues to apply in relation to books for old external administrations
1596(2)
If:
(a) an external administration of a company ends before the commencement day; and
(b) immediately before that day, a person was required under section 542 of the old Act to retain books of the company for a period; and
(c) but for the repeal of that section by Schedule 2 to the Insolvency Law Reform Act 2016 , that period would have ended on or after the commencement day;
section 542 of the old Act continues to apply (despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016 ) on and after the commencement day in relation to the person for the remainder of that period.
Continued effect of consent by ASIC under old Act
1596(3)
If before the commencement day, a person is entitled under subsections 542(3) and (4) of the old Act to destroy books of a company (or of the person ' s that are relevant to the affairs of the company) then, despite section 70-35 of the Insolvency Practice Schedule (Corporations), those books may be destroyed.
Subdivision D of Division 70 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-40(1), 70-45(1), 70-46(2), 70-47(2) or 70-50(1) of the Insolvency Practice Schedule (Corporations):
(a) was obtained or generated; or
(b) was made or prepared; or
(c) is in respect of actions or events that occurred;
before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [15] (which was effective 1 March 2017) provides that s 1597 is amended as follows:
Section 70-55 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-55(2):
(a) was obtained or generated; or
(b) was made or prepared; or
(c) is in respect of actions or events that occurred;
before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [15] (which was effective 1 March 2017) provides that s 1598 is amended as follows:
[ CCH Note: S 1599 heading will be amended by No 69 of 2020, s 3, Sch 1[1314], by inserting " OR THE REGISTRAR " after " ASIC " , (effective 1 July 2026 or a day or days to be fixed by Proclamation).]
Section 70-60 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-60(1): (a) was obtained or generated; or (b) was made or prepared; or (c) is in respect of actions or events that occurred;
before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [15] (which was effective 1 March 2017) provides that s 1599 is amended as follows:
Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016 , section 540 of the old Act continues to apply in relation to a notice mentioned in that section that is served on a person before the commencement day.
Division 75 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company.
1601(2)
However, Division 75 of the Insolvency Practice Schedule (Corporations) does not apply in relation to meetings convened or held before the commencement day.
[ CCH Note: Regulation Sch 13, item [16] (which was effective 1 March 2017) provides that s 1601 is amended at the end of s 1601 as follows:
Application of the Insolvency Practice Schedule (Corporations)
1602(1)
Section 75-15 of the Insolvency Practice Schedule (Corporations) does not apply in relation to:
(a) directions given before the commencement day; or
(b) resolutions passed before the commencement day.
Old Act continues to apply in relation to resolutions for voluntary winding up passed before commencement day
1602(2)
Despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016 :
(a) sections 497 and 498 of the old Act continue to apply on and after the commencement day in relation to a resolution for voluntary winding up that is passed before the commencement day; and
(b) subsection 477(4) of the old Act continues to apply on and after the commencement day if a meeting of creditors has not been held under section 497 of the old Act in relation to a voluntary winding up a resolution for which is passed before the commencement day.
This section applies if, in relation to a company, a year mentioned in subsection 508(1) of the old Act starts before the commencement day but ends after that day.
1603(2)
Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016 , section 508 of the old Act continues to apply on and after the commencement day in relation to the company for that year.
The repeal and substitution of section 509 by Schedule 2 to the Insolvency Law Reform Act 2016 applies where the external administration of the company ends during a financial year starting on or after 1 July 2017.
[ CCH Note: Regulation Sch 13, item [17] (which was effective 1 March 2017) provides that s 1604 is amended as follows:
If:
(a) the administrator of a company under external administration is required to convene a meeting of the company ' s creditors under section 439A of the old Act; and
(b) the convening period for the meeting as fixed by subsection 439A(5) of the old Act (or extended under subsection (6) of that section) ends on or after the commencement day; and
(c) as at the commencement day, the meeting has not been convened;
then the old Act continues to apply on and after the commencement day (despite the repeal of subsections 439A(3) and (4) and section 439B by Schedule 2 to the Insolvency Law Reform Act 2016 ) in relation to the meeting.
1605(2)
Despite the repeal of section 445F of the old Act and the amendment of section 445A of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , those sections continue to apply on and after the commencement day in relation to meetings for which a notice under subsection 445F(2) is given before the commencement day.
1605(3)
Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016 , section 479 of the old Act continues to apply on and after the commencement day in relation to meetings which have been convened under subsection 479(2) or for which a direction or request is given under that subsection before the commencement day.
1605(4)
Despite the amendment of subsection 496(8) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , that subsection continues to apply on and after the commencement day in relation to meetings convened before the commencement day as if the amendment had not been made.
Sections 75-41 to 75-45 of the Insolvency Practice Schedule (Corporations) apply whether a proposal has been voted on or a resolution passed before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [18] and [19] (which was effective 1 March 2017) provide that s 1606 is amended as follows:
Division 80 of the Insolvency Practice Schedule (Corporations) applies in relation to a committee of inspection for an ongoing external administration of a company:
(a) that is appointed under that Division on or after the commencement day; or
(b) that is appointed under a provision of the old Act but is taken to be a committee of inspection under subsection 1608(2) of this Subdivision.
1607(2)
However, Division 80 of the Insolvency Practice Schedule (Corporations) does not apply in relation to meetings of, or related to, the committee of inspection convened or held before the commencement day.
Committees appointed under old Act taken to be committee of inspection
1608(1)
Subsection (2) applies if there is, in relation to the external administration of a company:
(a) a committee of creditors validly appointed under section 436E of the old Act; or
(b) a committee of inspection validly appointed under section 548 of the old Act; or
(c) a committee of inspection validly appointed under section 548A of the old Act.
1608(2)
On and after the day specified in subsection (3), the committee (the continued committee ) is taken for the purposes of the Insolvency Practice Schedule (Corporations) to be:
(a) in the case of a committee appointed under section 436E or 548 of the old Act - a committee of inspection established under section 80-10 of the Insolvency Practice Schedule (Corporations) in relation to the external administration of the company; and
(b) in the case of a committee appointed under section 548A of the old Act - a committee of inspection established under section 80-26 of the Insolvency Practice Schedule (Corporations) in relation to a pooled group of which the company is a member.
1608(3)
For the purposes of subsection (2), the day is:
(a) in the case of a committee appointed on or before the commencement day - the commencement day; and
(b) in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this section - that later day.
Old Act continues to apply to certain meetings
1608(4)
If:
(a) because of the operation of section 436E , 548 or 548A (the repealed section ) of the old Act before the commencement day, the administrator or liquidator of a company is required to convene a meeting; and
(b) as at the commencement day, the meeting has not been convened;
then (despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016 ) the repealed sections of the old Act continue to apply on and after the commencement day in relation to the meeting.
If, before the commencement day, the administrator of a company under administration is directed under subsection 436F(3) of the old Act to give a report, then despite the repeal of section 436F by Schedule 2 to the Insolvency Law Reform Act 2016 , that section continues to apply on and after commencement day in relation to the report.
Members of continued committees
1610(1)
The members of a continued committee are the members appointed to the committee under section 436E (in accordance with section 436G ), 548 or 548A of the old Act, as the case requires.
Old Act continues to apply to members of continued committees
1610(2)
If a person is a member of a continued committee, then despite the repeal of:
(a) section 436G , 548 or 548A (and any regulations made under that section), as the case requires; and
(b) section 550 ;
by Schedule 2 to the Insolvency Law Reform Act 2016 , those provisions continue to apply in relation to the person.
Application of the Insolvency Practice Schedule (Corporations)
1610(3)
The following provisions do not apply in relation to members of a continued committee:
(a) sections 80-15 to 80-25 and paragraph 80-26(2)(b) of the Insolvency Practice Schedule (Corporations);
(b) Insolvency Practice Rules made under section 80-30 of the Insolvency Practice Schedule (Corporations) that relate to membership of a committee of inspection.
Note: However, the committee could dissolve and the members could form a new committee to which these provisions would then apply.
The appointment of a committee of inspection under section 548 of the old Act before the commencement day is not invalid merely because a separate meeting of contributories was not convened for the purposes of determining:
(a) whether a committee of inspection should be appointed; and
(b) where a committee of inspection is to be appointed:
(i) the numbers of members to represent the creditors and the contributories, respectively; and
(ii) the persons who are to be members of the committee representing creditors and contributories, respectively.
1611(2)
However, if:
(a) a debt or claim has been paid in the winding up of a company before the commencement day; and
(b) the priority given to the debt or claim was determined under section 556 of the Corporations Act 2001 on the basis that a committee of inspection was not validly appointed because a separate meeting of contributories was not convened for the purposes mentioned in paragraphs (1)(a) and (b); and
(c) but for subsection (1), the committee of inspection would not have been validly appointed;
the priority of the payment is not affected by subsection (1).
Sections 80-35 and 85-5 of the Insolvency Practice Schedule (Corporations) apply whether or not the direction is given before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [20] and [21] (which was effective 1 March 2017) provide that s 1612 is amended as follows:
Section 80-40 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 80-40(1):
(a) was obtained or generated; or
(b) was made or prepared; or
(c) is in respect of actions or events that occurred;
before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [22] (which was effective 1 March 2017) provides that s 1613 is amended as follows:
Sections 80-55 and 80-60 of the Insolvency Practice Schedule (Corporations) apply to arrangements made on or after the commencement day.
Division 90 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration whether or not the matter to be reviewed occurred before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [23] and [24] (which was effective 1 March 2017) provide that s 1615 is amended as follows:
This section applies if a court makes an order in relation to a person or the external administration of a company under the old Act (the old Act order ).
1616(2)
The old Act order does not cease to have effect because a provision of the old Act under which it was made has been amended or repealed by Schedule 2 to the Insolvency Law Reform Act 2016 .
1616(3)
If the old Act order is inconsistent with a provision of this Act that is amended or inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , then, subject to this Part, the provision does not apply to the extent that it is inconsistent with the old Act order.
This section applies if proceedings are brought under the old Act in a court (on application or on the initiative of the court) in relation to the external administration of a company either:
(a) before the commencement day; or
(b) on or after the commencement day (in accordance with a provision of this Division).
1617(2)
Subject to this Part, nothing in Schedule 2 to the Insolvency Law Reform Act 2016 affects:
(a) the proceedings; or
(b) thepower of the court to make orders in relation to the proceedings; or
(c) any orders made by the court in relation to the proceedings; or
(d) any enforcement in relation to, or as a result of, the proceedings (including giving effect to any court orders); or
(e) any appeal or review in relation to the proceedings.
1617(3)
Subject to this Part, the old Act continues to apply on and after the commencement day in relation to the proceedings despite the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016 .
1617(4)
In this section:
proceedings
include civil and criminal proceedings, inquiries by the court, enforcement processes and any other processes.
Application of the Insolvency Practice Schedule (Corporations)
1618(1)
Subsections (2) to (4) are for the avoidance of doubt.
1618(2)
Sections 90-5 and 90-10 of the Insolvency Practice Schedule (Corporations) apply whether or not the information, report or document mentioned in subsections 90-5(2) and 90-10(4) was prepared before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [25] and [26] (which was effective 1 March 2017) provide that s 1618(2) is amended as follows:
1618(3)
Paragraph 90-15(3)(f) of the Insolvency Practice Schedule (Corporations) applies whether or not the remuneration is paid or payable before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [27] and [28] (which was effective 1 March 2017) provide that s 1618(3) is amended as follows:
1618(4)
Subsection 90-15(4) of the Insolvency Practice Schedule (Corporations) applies whether or not the action or failure to act occurred before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [29] and [30] (which was effective 1 March 2017) provide that s 1618(4) is amended as follows:
Old Act continues to apply for inquiries started under section 536
1618(5)
Despite the repeal of section 536 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , that section continues to apply in relation to inquiries commenced by ASIC before the commencement day (including inquiries commenced because of the extension of section 536 by subsection 411(9) to persons appointed under the terms of a compromise or arrangement).
Application of new section 599
1618(6)
Section 599 (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 ) applies whether or not the act, omission or decision occurred before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [31] and [32] (which was effective 1 March 2017) provide that s 1618(6) is amended as follows:
The following subsections are for the avoidance of doubt.
1619(2)
Sections 90-24 and 90-26 of the Insolvency Practice Schedule (Corporations) apply whether or not:
(a) the remuneration is paid or payable; or
(b) the cost or expense is incurred or paid;
before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [33] and [34] (which was effective 1 March 2017) provide that s 1619(2) is amended as follows:
1619(3)
A period determined by the Court under paragraph 90-26(4)(d) of the Insolvency Practice Schedule (Corporations) or prescribed under paragraph 90-26(4)(c) may include a period that:
(a) starts before the commencement day but ends after that day; or
(b) starts and ends before the commencement day.
1619(4)
Section 90-28 of the Insolvency Practice Schedule (Corporations) applies whether or not the books or information mentioned in paragraph 90-28(2)(a) were prepared before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [35] and [36] (which was effective 1 March 2017) provide that s 1619(4) is amended as follows:
1619(5)
Rules made for the purposes of section 90-29 of the Insolvency Practice Schedule (Corporations) in relation to the meaning of properly incurred may make provision for or in relation to costs and expenses incurred before, on or after the commencement day.
For the avoidance of doubt, section 90-35 of the Insolvency Practice Schedule (Corporations) applies whether or not the external administrator was appointed before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, items [37] and [38] (which was effective 1 March 2017) provide that s 1619(4) is amended as follows:
This section applies if an application is made to the Administrative Appeals Tribunal or Administrative Review Tribunal for review of a decision made under the old Act either: (a) before the commencement day; or (b) on or after the commencement day (in accordance with a provision of this Part).
1621(2)
Subject to this Part, nothing in the Insolvency Law Reform Act 2016 affects: (a) any proceedings before the Administrative Appeals Tribunal in relation to the decision; or (b) the powers of the Administrative Appeals Tribunal in relation to the decision; or (c) any enforcement in relation to, or as a result of, a decision of the Administrative Appeals Tribunal in relation to the decision; or (d) any appeal or review in relation to a decision of the Administrative Appeals Tribunal in relation to the decision.
1621(3)
Subject to this Part, the old Act continues to apply on and after the commencement day in relation to the proceedings despite the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016 .
Applications for review made after the commencement day
1621(4)
Despite the repeals and amendments made by the Insolvency Law Reform Act 2016 , applications may be made to the Administrative Appeals Tribunal or Administrative Review Tribunal for review of the decision.
Sections 415A to 415C , as inserted by the Insolvency Law Reform Act 2016 , apply whether a proposed resolution has been voted on before, on or after the commencement day.
Returns by controllers for 2017-18 and later years
1623(1)
Sections 422A and 422B , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , apply in relation to the financial year starting on 1 July 2017 and later financial years.
Accounts under old Act
1623(2)
Subsection (3) of this section applies in relation to the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 .
1623(3)
To the extent that section 432 of the old Act relates to a period for which an account must be lodged:
(a) the amendment of the section applies in relation to periods starting on or after 1 July 2017; and
(b) the unamended section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.
Continuation of audits under old Act
1623(4)
For the avoidance of doubt, despite the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.
[ CCH Note: Regulation Sch 13, item [39] (which was effective 1 March 2017) provides that s 1623 is amended as follows:
1623 Transitional rules for controller returns
1623A Transitional rules for end of control returns
Sections 422C and 422D , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , apply in relation to a person who ceases to act as a controller of property of a corporation on or after the commencement day.
The amendment of paragraph 429(2)(b) by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to notices received on or after the commencement day.
The amendment of paragraph 450B(c) , and substitution with paragraph 450B(b) , by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to deeds of company arrangement executed on or after the commencement day.
Vacancies in office of liquidator appointed by the Court
1627(1)
Despite the repeal of section 473 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 , that section continues to apply in relation to a vacancy in the office of a liquidator appointed by the Court that occurs before the commencement day.
1627(2)
Section 473A , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , applies in relation to vacancies in the office of a liquidator appointed by the Court that occur on or after the commencement day.
Where there are 2 or more liquidators appointed by the Court
1627(3)
Subsections 473A(4) and (5) , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , apply in relation to 2 or more liquidators appointed by the Court, whether the liquidators were appointed before, on or after the commencement day.
[ CCH Note: Regulation Sch 13, item [40] (which was effective 1 March 2017) provides that s 1627(3) is amended as follows:
The amendments of section 475 by Schedule 2 to the Insolvency Law Reform Act 2016 apply where a winding up order is made on or after the commencement day.
1628(2)
The repeal of section 476 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies where a report referred to in subsection 475(1) or (2) is received on or after the commencement day.
Despite the amendment of paragraph 481(1)(a) by Schedule 2 to the Insolvency Law Reform Act 2016 , that paragraph continues to apply in relation to auditors appointed by ASIC under section 539 of the old Act.
The repeal and substitution of section 506A by Schedule 2 to the Insolvency Law Reform Act 2016 applies where the resolution for the voluntary winding up of a company is passed on or after the commencement day.
The repeal of sections 574 to 576 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 apply where a pooling determination is made or varied on or after the commencement day.
1631(2)
Subsection 577(1A) , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , applies where a pooling determination is made or varied on or after the commencement day.
1631(3)
The repeal of subsection 577(2) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies to resolutions agreed on or after the commencement day.
If:
(a) a notice or other document was authorised or required to be given or sent under a provision of the old Act mentioned in a paragraph of subsection 600G(1) that is repealed by Schedule 2 to the Insolvency Law Reform Act 2016 ; and
(b) although the authorisation or requirement arose before the commencement day, the notice or other document is required to be given or sent on or after the commencement day;
that paragraph of subsection 600G(1) continues to apply in relation to the giving or sending of the notice or other document.
1632(2)
Subsections 600G(4) and (4A) , as inserted by Schedule 2 to the Insolvency Law Reform Act 2016 , apply in relation to notices or other documents given or sent on or after the commencement day.
If, on or after the commencement day, the Court orders the deregistration of a company under subsection 509(6) of the old Act, subsection 601AC(1) of the old Act continues to apply in relation to the order.
1633(2)
Subsection 601AC(2) of the old Act continues to apply in relation to a company for which a return has been lodged under section 509 before the commencement day.
The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016 .
1634(2)
The regulations may provide that certain provisions of Schedule 2 to the Insolvency Law Reform Act 2016 are taken to be modified as set out in the regulations. Those provisions then have effect as if they were so modified.
1634(3)
The provisions of Schedule 2 to the Insolvency Law Reform Act 2016 that provide for regulations to deal with matters do not limit each other.
[
CCH Note:
Part 10.25 of the Corporations Regulations (which were effective 1 March 2017) provides:
ongoing external administration
of a company means an external administration of a company that started before 1 September 2017 and ends after that day.
SECTION 10.25.01 TRANSITION TO PART 3 OF THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
]
10.25.01(1)
For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the references in Divisions 3 and 5 of that Part to the commencement day were a reference to 1 September 2017.
10.25.01(2)
For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the definition of
ongoing external administration
in section 1551 of the Act were omitted and the following definition were substituted for the purposes of Divisions 3 and 5 of that Part:
10.25.01(3)
For the purposes of subsection 1634(2) of the Act, Part 10.25 of Chapter 10 of the Act applies as if Divisions 1, 2 and 3 of that Part were modified as set out in Schedule 13.
SECTION 10.25.02 APPLICATION OF CERTAIN AMENDMENTS RELATING TO THE ENACTMENT OF THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
10.25.02(1)
This section is made for the purposes of subsection 1634(1) of the Act.
10.25.02(2)
The amendments of sections 546-10 and 546-20 of the
Corporations (Aboriginal and Torres Strait Islander) Act 2006
made by Part 2 of Schedule 2 to the
Insolvency Law Reform Act 2016
apply in relation to deregistrations that occur on or after 1 September 2017.
10.25.02(3)
The amendments made by the following items of Part 2 of Schedule 2 to the
Insolvency Law Reform Act 2016
apply in relation to external administrations on and after 1 September 2017:
10.25.02(4)
The amendments made by items 89 and 90 of Part 2 of Schedule 2 to the
Insolvency Law Reform Act 201
6 apply in relation to Part 5.1 bodies on and after 1 September 2017.