Document ID: chunk:federal_register_of_legislation:C2016A00011:clause:2_1553
Version: federal_register_of_legislation:C2016A00011
Segment Type: clause
Provision Reference: sch 2 cl 1553
Character Range: 486626–488681

1553  Persons registered under the old Act continue to be registered under the Insolvency Practice Schedule (Corporations)

Person registered under the old Act immediately before the commencement day
 (1) If a person is registered as a liquidator, or as a liquidator of a specified body corporate, immediately before the commencement day, on the commencement day the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations).

Person registered but suspended under the old Act before the commencement day
 (2) If:
 (a) a person is registered as a liquidator, or as a liquidator of a specified body corporate, before the commencement day; and
 (b) that person's registration is suspended before the commencement day; and
 (c) the period of the suspension does not expire before the commencement day;
the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day, but the person's registration is taken to be suspended under the Insolvency Practice Schedule (Corporations) for a period that ends when the period of the suspension under the old Act would have ended.
Note: The old Act registrant could apply under Subdivision F of Division 40 of the Insolvency Practice Schedule (Corporations) to have the suspension lifted or shortened.

Circumstances in which person not taken to be registered
 (3) Despite subsections (1) and (2), a person mentioned in one of those subsections is not taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day if, at the beginning of that day:
 (a) the person is an insolvent under administration; or
 (b) the person is dead.

Meaning of old Act registrant
 (4) A person who is taken to be registered under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) because of this section is referred to as an old Act registrant.