CORPORATIONS ACT 2001 - SECT 1608 Appointing committees of inspection

CORPORATIONS ACT 2001 - SECT 1608

Committees appointed under old Act taken to be committee of inspection

  (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.

  (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.

  (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

  (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  (a)   because of the operation of section   436E, 548 or 548A (the repealed section ) of the old Act before the commencement day, the administrator or liquidator of a company is required to convene a meeting; and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then (despite their repeal by Schedule   2 to the Insolvency Law Reform Act 2016 ) the repealed sections of the old Act continue to apply on and after the commencement day in relation to the meeting.