Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_1550
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 1550
Character Range: 482731–484078

1550  Simplified outline of this Part

      This Part deals with the way this Act will apply when the provisions of the Insolvency Law Reform Act 2016 begin to operate.
      Application of Part 2 of the Insolvency Practice Schedule (Corporations)
      A person registered as a liquidator before the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue to be registered and must comply with the requirements and duties under Part 2 of the Insolvency Practice Schedule (Corporations).
      Application of Part 3 of the Insolvency Practice Schedule (Corporations)
      Part 3 of the Insolvency Practice Schedule (Corporations) will apply to an external administration that starts on or after the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 and to most ongoing administrations (but generally only in relation to new events).
      Proceedings before the Court or the Administrative Appeals Tribunal
      Proceedings already begun in the Court or the Administrative Appeals Tribunal before the commencement of the amendments made by Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue under the old Act. Orders of the Court under the old Act continue to have effect.
      Regulations
      Regulations may be made to deal with other transitional matters.