Document ID: chunk:federal_register_of_legislation:C2025C00185:section:1559
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 1559
Character Range: 6074563–6076074

1559  Old Act registrant registered as liquidator of a specified body corporate

Old Act registrant may not accept further appointments
 (1) If an old Act registrant was registered as a liquidator of a specified body corporate immediately before the commencement day, it is a condition of the old Act registrant's registration under the Insolvency Practice Schedule (Corporations) that he or she must not accept any further appointments as external administrator of a company.
 (2) That condition is a current condition imposed on the old Act registrant.

Registration cancelled once current administrations completed
 (3) On the day immediately after the external administration of the body corporate in relation to which the old Act registrant was registered ends:
 (a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40‑30(1)(f) of the Insolvency Practice Schedule (Corporations) to have his or her registration as a liquidator cancelled; and
 (b) ASIC is taken to have cancelled the registration under subsection 40‑30(1) of the Insolvency Practice Schedule (Corporations).

Old Act registrant applies for registration under section 20‑5 of the Insolvency Practice Schedule (Corporations)
 (4) To avoid doubt, if the old Act registrant applies under section 20‑5 of the Insolvency Practice Schedule (Corporations) to be registered as a liquidator, and is registered in response to that application, this section does not affect that registration.