Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_126
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 126
Character Range: 191939–193049

126  Simplified outline of this Division

      This Division deals with the way the Bankruptcy Act 1966 will apply to the administration of a regulated debtor's estate when the provisions of the Insolvency Practice Schedule (Bankruptcy) begin to operate.
      New administrations
      The Insolvency Practice Schedule (Bankruptcy) applies to an administration of a regulated debtor's estate that starts on or after the commencement of this Act (called new administrations).
      Ongoing administrations
      For an administration of a regulated debtor's estate that starts before that day but is still ongoing (called ongoing administrations), the Insolvency Practice Schedule (Bankruptcy) applies in accordance with this Division but usually only in relation to new events. Generally, the old Act continues to apply to old events and processes that are incomplete. There are some exceptions.
      Old administrations
      For old administrations that have ended but that may have ongoing obligations or processes, in most cases the old Act continues to apply.

Subdivision B—General rules for Part 3