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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 1596  RETENTION AND DESTRUCTION OF ADMINISTRATION BOOKS  

 View history reference

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:

After "applies", insert "on and after 1 September 2017".
]

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.


 



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