Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p59
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 59/95)
Character Range: 1011950–1014792

sue unless the trustee has the approval of the Court.
 (3) Before assigning any right under subsection (1), the trustee must give written notice to the creditors of the proposed assignment.
 (4) If a right is assigned under this section, a reference in this Act to the trustee in relation to the action is taken to be a reference to the person to whom the right has been assigned.

Division 105—The Insolvency Practice Rules

105‑1  The Insolvency Practice Rules
 (1) The Minister may, by legislative instrument, make rules providing for matters:
 (a) required or permitted by this Act to be provided by the rules; or
 (b) necessary or convenient to be provided in order to carry out or give effect to this Act.
 (2) Rules made under subsection (1) may include offences.
 (3) The penalties for offences described in subsection (2) must not be more than 50 penalty units for an individual or 250 penalty units for a body corporate.
 (4) To avoid doubt, the rules may not do the following:
 (a) create a civil penalty;
 (b) provide powers of:
 (i) arrest or detention; or
 (ii) entry, search or seizure;
 (c) impose a tax;
 (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
 (e) directly amend the text of this Act.
 (5) Rules that are inconsistent with the regulations have no effect to the extent of the inconsistency, but rules are taken to be consistent with the regulations to the extent that the rules are capable of operating concurrently with the regulations.
 (7) In this section:
this Act does not include the regulations or rules made under this section.

Endnotes

Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history

Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational