CORPORATIONS ACT 2001 - SECT 1587 Administration account

CORPORATIONS ACT 2001 - SECT 1587

    If, immediately before the commencement day, a person has a liquidator's general account in relation to the external administration of:

  (a)   a company; or

  (b)   a company in a pooled group;

the account is taken on and after the commencement day to be an administration account for the company for the purposes of section   65 - 5 of the Insolvency Practice Schedule (Corporations).