Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:1_11
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 1 cl 11
Character Range: 39688–41232

11  Creation of equivalent rights and liabilities to those that existed before commencement under carried over provisions of the old Credit Code
(1) This item applies in relation to a right or liability (the old right or liability), whether civil or criminal, that:
 (a) was acquired, accrued or incurred under a carried over provision of the old Credit Code of a referring State or a Territory; and
 (b) was in existence immediately before commencement.
Note: This item does not apply in relation to a right or liability under orders made by a court or tribunal before commencement: see subitem 8(2).
(2) On commencement, the person acquires, accrues or incurs a right or liability (the substituted right or liability), equivalent to the old right or liability, under the corresponding provision of the new Credit Code, as if that provision applied to the conduct or circumstances that gave rise to the old right or liability.
Note: If a time limit applied in relation to the old right or liability under the old Credit Code, that same time limit (calculated from the same starting point) will apply under the new Credit Code to the substituted right or liability: see subitem 13(3).
(3) A procedure, proceeding or remedy in relation to the substituted right or liability may be brought after commencement under the new Credit Code, as if that provision applied to the conduct or circumstances that gave rise to the old right or liability.
Note: For pre‑commencement proceedings in relation to substituted rights and liabilities, see item 4.