Document ID: chunk:federal_register_of_legislation:C2023C00275:clause:1_12
Version: federal_register_of_legislation:C2023C00275
Segment Type: clause
Provision Reference: sch 1 cl 12
Character Range: 41232–43418

12  Creation of equivalent rights and liabilities to those that existed before commencement under repealed provisions of the old Credit Code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was acquired, accrued or incurred under a provision of the old Credit Code of a referring State or a Territory that was no longer in force immediately before commencement; and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) For the purposes of subitems (3) and (4), the new Credit Code is taken to include:
 (a) the provision of the old Credit Code (with such modifications (if any) as are necessary) under which the old right or liability was acquired, accrued or incurred; and
 (b) the other provisions of the old Credit Code (with such modifications (if any) as are necessary) that applied in relation to the old right or liability;
other than to the extent that the provision relates to proceedings in, or orders of, a tribunal.
(3) 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 provision taken to be included in the new Credit Code by paragraph (2)(a), 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).
(4) A procedure, proceeding or remedy in relation to the substituted right or liability may be instituted after commencement under the provisions taken to be included in the new Credit Code by subitem (2), as if those provisions 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.