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CORPORATIONS ACT 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

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

Division 1 - Introduction    View history reference

SECTION 1550  SIMPLIFIED OUTLINE OF THIS PART  

 View history reference

This 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:

Omit "that starts on or after the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016", substitute "that starts on or after 1 September 2017".
]

 



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