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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 G - Committees of inspection    View history reference

SECTION 1608  APPOINTING COMMITTEES OF INSPECTION  

Committees appointed under old Act taken to be committee of inspection

1608(1)  

Subsection (2) applies if there is, in relation to the external administration of a company:


(a) a committee of creditors validly appointed under section 436E of the old Act; or


(b) a committee of inspection validly appointed under section 548 of the old Act; or


(c) a committee of inspection validly appointed under section 548A of the old Act.

1608(2)  

On and after the day specified in subsection (3), the committee (the continued committee) is taken for the purposes of the Insolvency Practice Schedule (Corporations) to be:


(a) in the case of a committee appointed under section 436E or 548 of the old Act - a committee of inspection established under section 80-10 of the Insolvency Practice Schedule (Corporations) in relation to the external administration of the company; and


(b) in the case of a committee appointed under section 548A of the old Act - a committee of inspection established under section 80-26 of the Insolvency Practice Schedule (Corporations) in relation to a pooled group of which the company is a member.

1608(3)  

For the purposes of subsection (2), the day is:


(a) in the case of a committee appointed on or before the commencement day - the commencement day; and


(b) in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this section - that later day.

Old Act continues to apply to certain meetings

1608(4)  

If:


(a) because of the operation of section 436E, 548 or 548A (the repealed section) of the old Act before the commencement day, the administrator or liquidator of a company is required to convene a meeting; and


(b) as at the commencement day, the meeting has not been convened;

then (despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016) the repealed sections of the old Act continue to apply on and after the commencement day in relation to the meeting.


 



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