Document ID: chunk:federal_register_of_legislation:C2005C00495:clause:2_12
Version: federal_register_of_legislation:C2005C00495
Segment Type: clause
Provision Reference: sch 2 cl 12
Character Range: 86828–87946

12  Transitional—annulments

(1) For the purposes of this item, if a composition or scheme of arrangement under Division 6 of Part IV of the Bankruptcy Act 1966 was annulled before the commencement of this item, the annulment is a pre‑commencement annulment.

(2) For the purposes of this item, if:
 (a) an application is made before the commencement of this item under subsection 75(4) of the Bankruptcy Act 1966 for the annulment of a composition or scheme of arrangement; and
 (b) as at the commencement of this item, proceedings in relation to that application have not been finally determined;
the application is a pre‑commencement annulment application.

(3) Despite the repeals and amendments made by items 1, 2, 3, 7, 8, 9 and 10 of this Schedule and item 41 of Schedule 1, the Bankruptcy Act 1966 and regulations under that Act continue to apply, in relation to:
 (a) a pre‑commencement annulment; and
 (b) a pre‑commencement annulment application; and
 (c) an annulment that results from a pre‑commencement annulment application;
as if those repeals had not happened and those amendments had not been made.