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.

1582 Duties of administrators relating to remuneration and other benefits  

(1)
Section 60-20 of the Insolvency Practice Schedule (Corporations) applies on and after 1 September 2017 in relation to an external administrator of an ongoing external administration of a company regardless of when the administrator was appointed.

(2)
However, that section does not apply in relation to arrangements made before 1 September 2017.