Document ID: chunk:federal_register_of_legislation:F2016L01926:clause:2_1
Version: federal_register_of_legislation:F2016L01926
Segment Type: clause
Provision Reference: sch 2 cl 1
Character Range: 23288–25525

1  In the appropriate position in Chapter 10
Insert:

Part 10.25—Transition to Part 3 of the Insolvency Practice Schedule (Corporations)

10.25.01  Transition to Part 3 of the Insolvency Practice Schedule (Corporations)
 (1) For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the references in Divisions 3 and 5 of that Part to the commencement day were a reference to 1 September 2017.
 (2) For the purposes of subsection 1634(1) of the Act, Part 10.25 of Chapter 10 of the Act applies as if the definition of ongoing external administration in section 1551 of the Act were omitted and the following definition were substituted for the purposes of Divisions 3 and 5 of that Part:
ongoing external administration of a company means an external administration of a company that started before 1 September 2017 and ends after that day.
 (3) For the purposes of subsection 1634(2) of the Act, Part 10.25 of Chapter 10 of the Act applies as if Divisions 1, 2 and 3 of that Part were modified as set out in Schedule 13.

10.25.02  Application of certain amendments relating to the enactment of the Insolvency Practice Schedule (Corporations)
 (1) This section is made for the purposes of subsection 1634(1) of the Act.
 (2) The amendments of sections 546‑10 and 546‑20 of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 made by Part 2 of Schedule 2 to the Insolvency Law Reform Act 2016 apply in relation to deregistrations that occur on or after 1 September 2017.
 (3) The amendments made by the following items of Part 2 of Schedule 2 to the Insolvency Law Reform Act 2016 apply in relation to external administrations on and after 1 September 2017:
 (a) item 65;
 (b) item 66;
 (c) item 79;
 (d) item 80;
 (e) item 82;
 (f)  item 84;
 (g) items 91 to 140;
 (h) items 143 to 172;
 (i) items 177 to 208;
 (j) item 213;
 (k) item 245;
 (l) item 246;
 (m) item 251 (to the extent that it inserts paragraphs 1317C(n) and (o) of the Act);
 (n) item 253;
 (o) items 258 to 260;
 (p) items 262 to 264.
 (4) The amendments made by items 89 and 90 of Part 2 of Schedule 2 to the Insolvency Law Reform Act 2016 apply in relation to Part 5.1 bodies on and after 1 September 2017.