Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_14
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 498635–499801

14                         on the commencement of section 206B of the new Law, a person is an insolvent under administration                                                                                                                                                            if the person has been an insolvent under administration for 3 years—the person is no longer disqualified from managing corporations.
                                                                                                                                                                                                                                                                                        if the person has been an insolvent under administration for less than 3 years—unless the person obtained the leave of the Court under subsection 229(5) of the old Law or obtains the leave of the Court under section 206G of the new Law, the person is disqualified from managing corporations for the shorter of the period that they will be an insolvent under administration or the period of 3 years starting from when they first became an insolvent under administration.