Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)

Division 3 - Application of Part 3 of the Insolvency Practice Schedule (Corporations) and related consequential amendments

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Subdivision C - Remuneration and other benefits received by external administrators

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SECTION 1581 OLD ACT CONTINUES TO APPLY IN RELATION TO REMUNERATION FOR ADMINISTRATORS ALREADY APPOINTED

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1581(1)
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.

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[ CCH Note: Regulation Sch 13, item [5] (which was effective 1 March 2017) provides that s 1581 is amended as follows:

Repeal the section, substitute:

1581 Old Act continues to apply in relation to remuneration for administrators already appointed or appointed during transition period

(1) 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:

(a) before the start time; or

(b) during the transition period.

(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 start time or during the transition period, Division 75 of the Insolvency Practice Schedule (Corporations) applies to that meeting.

(3) In this section:

start time means the commencement of Schedule 1 to the Insolvency Law Reform Act 2016.

transition period means the period:

(a) starting immediately after the start time; and

(b) ending at the end of 31 August 2017.]

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