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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    View history reference

Subdivision E - Information    View history reference

SECTION 1592  ACCOUNTS AND ADMINISTRATION RETURNS  

 View history reference

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To the extent that a repealed section relates to a period for which an account or statement must be lodged: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:

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.
]

 



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