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CORPORATIONS REGULATIONS 2001 - SCHEDULE 13 Transition to Part 3 of the Insolvency Practice Schedule (Corporations)

CORPORATIONS REGULATIONS 2001 - SCHEDULE 13

Transition to Part 3 of the Insolvency Practice Schedule (Corporations)

Note:   See subregulation   10.25.01(3).

 

 

Corporations Act 2001

1   Section   1550 (paragraph relating to Part   3)

Omit "that starts on or after the commencement of Part   1 of Schedule   2 to the Insolvency Law Reform Act 2016 ", substitute "that starts on or after 1   September 2017".

2   After section   1554

Insert:

1554A   Saving of Register of Official Liquidators

  (1)   This section applies to the Register of Official Liquidators kept in accordance with subsection   1286(2) of the old Act.

  (2)   Despite the repeal of sections   1283 and 1286 by Schedule   2 to the Insolvency Law Reform Act 2016 , the Register of Official Liquidators continues in existence, and may be dealt with, as if those repeals had not happened.

3   Section   1578 (paragraph relating to new external administrations)

Omit "the commencement of the Insolvency Law Reform Act 2016 (called new external administrations)", substitute "1   September 2017".

4   Section   1579

Repeal the section, substitute:

1579   Application of Part   3 of the Insolvency Practice Schedule (Corporations)--general rules

  (1)   Part   3 of the Insolvency Practice Schedule (Corporations) applies in relation to an external administration of a company that starts on or after 1   September 2017.

  (2)   Part   3 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company in accordance with this Division.

5   Sections   1581 and 1582

Repeal the sections, substitute:

1581   Old Act continues to apply in relation to remuneration for administrators already appointed or appointed during transition period

  (1)   Despite the repeal of sections   449E and 473 and the repeal and substitution of subsections   499(3) to (7) of the old Act by Schedule   2 to the Insolvency Law Reform Act 2016 , the old Act continues to apply in relation to the remuneration of an external administrator of a company who is appointed:

  (a)   before the start time; or

  (b)   during the transition period.

  (2)   Despite subsection   (1), if, under Subdivision F of this Division, Division   75 of the Insolvency Practice Schedule (Corporations) rather than the old Act would apply to a meeting that deals with the remuneration of an external administrator of a company who is appointed before the start time or during the transition period, Division   75 of the Insolvency Practice Schedule (Corporations) applies to that meeting.

  (3)   In this section:

"start time" means the commencement of Schedule   1 to the Insolvency Law Reform Act 2016 .

"transition period" means the period:

  (a)   starting immediately after the start time; and

  (b)   ending at the end of 31   August 2017.

1582   Duties of administrators relating to remuneration and other benefits

  (1)   Section   60 - 20 of the Insolvency Practice Schedule (Corporations) applies on and after 1   September 2017 in relation to an external administrator of an ongoing external administration of a company regardless of when the administrator was appointed.

  (2)   However, that section does not apply in relation to arrangements made before 1   September 2017.

6   Subsection   1582(1)

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

7   Section   1584

Omit all the words after "applies", substitute "on and after 1   September 2017 regardless of when the vacancy in the office of the liquidator arose".

8   At the end of section   1586

Add "on and after 1   September 2017".

9   Subsection   1588(2) (heading)

Repeal the heading, substitute:

Old regulations continue to apply to money received before 1   September 2017

10   Subsection   1590(2) (heading)

Repeal the heading, substitute:

Old regulations continue to apply to securities received before 1   September 2017

11   At the end of section   1591

Add "on and after 1   September 2017".

12   Section   1592

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.

13   Section   1594

After "apply", insert "on and after 1   September 2017".

14   Subsection   1596(1)

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

15   Sections   1597, 1598 and 1599

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

16   At the end of section   1601

Add "on and after 1   September 2017".

17   Section   1604

Omit "2017", insert "2018".

18   Section   1606

After "apply", insert "on and after 1   September 2017".

19   Section   1606

Omit "the commencement day", substitute "that day".

20   Section   1612

After "apply", insert "on and after 1   September 2017".

21   Section   1612

Omit "the commencement day", substitute "that day".

22   Section   1613

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

23   Section   1615

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

24   Section   1615

Omit "the commencement day", substitute "that day".

25   Subsection   1618(2)

After "apply", insert "on and after 1   September 2017".

26   Subsection   1618(2)

Omit "the commencement day", substitute "that day".

27   Subsection   1618(3)

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

28   Subsection   1618(3)

Omit "the commencement day", substitute "that day".

29   Subsection   1618(4)

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

30   Subsection   1618(4)

Omit "the commencement day", substitute "that day".

31   Subsection   1618(6)

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

32   Subsection   1618(6)

Omit "the commencement day", substitute "that day".

33   Subsection   1619(2)

After "apply", insert "on and after 1   September 2017".

34   Subsection   1619(2)

Omit "the commencement day", substitute "that day".

35   Subsection   1619(4)

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

36   Subsection   1619(4)

Omit "the commencement day", substitute "that day".

37   Section   1620

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

38   Section   1620

Omit "the commencement day", substitute "that day".

39   Section   1623

Repeal the section, substitute:

1623   Transitional rules for controller returns

  (1)   Section   422A, as inserted by Schedule   2 to the Insolvency Law Reform Act 2016 , applies in relation to a person if the person first began to be a controller of the property of a corporation on or after 1   September 2017.

  (2)   Section   422A, as inserted by Schedule   2 to the Insolvency Law Reform Act 2016 , also applies in relation to a person if the person first began to be the controller of the property of a corporation before 1   September 2017 as if the reference in that section to a control return year for the controller 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 controller of the property of a corporation; and

  (b)   each subsequent period of 12 months.

  (3)   Despite the repeal of subsections   432(1) and (1A) of the old Act by Schedule   2 to the Insolvency Law Reform Act 2016 , those subsections continue to apply, in relation to a controller of a corporation appointed before 1   September 2017:

  (a)   if the end of the 6 - month period referred to in paragraph   432(1)(a) 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 subsections   432(1) and (1A) of the old Act 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.

1623A   Transitional rules for end of control returns

  (1)   Section   422B, as inserted by Schedule   2 to the Insolvency Law Reform Act 2016 , applies in relation to a control of the property of a corporation that ends on or after 1   September 2017.

  (2)   Despite the repeal of subsections   432(1) and (1A) of the old Act by Schedule   2 to the Insolvency Law Reform Act 2016 , those subsections continue to apply, in relation to controllers that cease to be a controller of property of a corporation, if the cessation occurs before 1   September 2017.

40   Subsection   1627(3)

After "apply", insert "on and after 1   September 2017".

 

Commonwealth Coat of Arms of Australia

Corpora tions Regulations   2001

Statutory Rules   No.   193, 2001

made under the

Corporations Act 2001

Compilation No.   195

Compilation date:   1 March 2024

Includes amendments:   F2024L00199

Registered:   6 March 2024

This compilation is in 7 volumes

Volume 1:   regulations   1.0.01- 6D.5.03

Volume 2:   regulations   7.1.04- 7.6.08E

Volume 3:   regulations   7.7.01- 1073933 62"> 8B.5.20

Volume 4:   regulations   9.1.01- 12.9.03

Volume 5:   Schedules   1, 2 and 2A

Volume 6:   Schedules   3-13

Volume 7:   Endnotes

Each volume has its own contents

About this compilation

This compilation

This is a compilation of the Corporations Regulations 2001 that shows the text of the law as amended and in force on 1 March 2024 (the compilation date ).

The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self - repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

Endnotes

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history



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