Document ID: chunk:federal_register_of_legislation:F2024C01249:clause:13_1592
Version: federal_register_of_legislation:F2024C01249
Segment Type: clause
Provision Reference: sch 13 cl 1592
Character Range: 2372672–2374439

1592  Transitional rules for annual administration returns
 (1) Section 70‑5 of the Insolvency Practice Schedule (Corporations) applies in relation to a person if the person first began to be an external administrator of a company on or after 1 September 2017.
 (2) Section 70‑5 of the Insolvency Practice Schedule (Corporations) also applies in relation to a person if the person first began to be an external administrator of a company before 1 September 2017 as if the reference in that section to an administration return year for the administrator were a reference to:
 (a) the first full year starting on or after 1 September 2017 that is an anniversary of when the person first began to be the external administrator of the company; and
 (b) each subsequent period of 12 months.
 (3) Despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016, those provisions continue to apply to an external administrator of a company appointed before 1 September 2017:
 (a) if the end of the 6‑month period referred to in the old return provisions occurs before 1 March 2018—in relation to that period; and
 (b) if the end of that period is not an anniversary of the administrator's appointment—in relation to the subsequent 6‑month period.
 (4) To avoid doubt, despite the repeal of the old return provisions by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued in relation to accounts lodged under those provisions as if the old Act continued to apply.
 (5) In this section:
old return provisions means the following provisions of the old Act:
 (a) subsection 438E(1);
 (b) subsection 445J(1);
 (c) subsection 539(1), other than the extent to which it relates to a liquidator ceasing to act as liquidator.