Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Corporations Amendment (Insolvency) Bill 2007

Schedule 6 Transitional

   

Corporations Act 2001

1  At the end of Chapter 10

Add:

Part 10.9 Transitional provisions relating to the Corporations Amendment (Insolvency) Act 2007

   

1479   Definition

                   In this Part:

amending Act means the Corporations Amendment (Insolvency) Act 2007 .

1480   Schedule 1 to the amending Act (improving outcomes for creditors)

             (1)  The amendment made by item 4 of Schedule 1 to the amending Act, in so far as it relates to a company subject to a deed of company arrangement, applies if the administration that ended on the execution of the deed began on or after the day on which that item commences.

             (2)  The amendments made by items 5 to 9 of Schedule 1 to the amending Act, in so far as they relate to the winding up of a company, apply if the relevant date is on or after the day on which those items commence.

             (3)  The amendments made by items 6 to 9 of Schedule 1 to the amending Act, in so far as they relate to a company subject to a deed of company arrangement, apply if the administration that ended on the execution of the deed began on or after the day on which those items commence.

             (4)  The amendments made by items 6 to 9 of Schedule 1 to the amending Act, in so far as they relate to a company to which section 433 applies, apply if the relevant date (within the meaning of that section) is on or after the day on which those items commence.

             (5)  The amendment made by item 20 of Schedule 1 to the amending Act applies in relation to a receiver appointed on or after the day on which that item commences.

             (6)  The amendments made by items 21, 24, 25, 26 and 28 of Schedule 1 to the amending Act apply to the administrator of a company if the administrator is appointed on or after the day on which those items commence.

             (7)  The amendments made by items 30, 31, 32, 33, 35, 36, 37, 38, 39 and 40 of Schedule 1 to the amending Act apply in relation to the liquidator of a company if the winding up of the company begins on or after the day on which those items commence.

             (8)  The amendment made by item 52 of Schedule 1 to the amending Act applies in relation to a compromise or arrangement if an application relating to the compromise or arrangement was made under subsection 411(1) on or after the day on which that item commences.

             (9)  The amendments made by items 53, 54, 55, 56 and 57 of Schedule 1 to the amending Act do not apply in relation to an account opened before the day on which that item commences.

           (10)  The amendments made by items 59, 60, 61, 62 and 64 of Schedule 1 to the amending Act apply in relation to a managing controller of property of a corporation if:

                     (a)  the managing controller is appointed on or after the day on which those items commence; or

                     (b)  the managing controller enters into possession, or takes control, of property of the corporation on or after the day on which those items commence.

           (11)  Despite the amendments made by items 65 and 66 of Schedule 1 to the amending Act:

                     (a)  subsection 427(1) continues to apply, in relation to an order obtained, or an appointment made, before the day on which those items commence, as if those amendments had not been made; and

                     (b)  subsection 427(1A) continues to apply, in relation to an appointment made before the day on which those items commence, as if those amendments had not been made; and

                     (c)  subsection 427(1B) continues to apply, in relation to an entry into possession, or a taking of control, before the day on which those items commence, as if those amendments had not been made; and

                     (d)  subsection 427(4) continues to apply, in relation to a cessation before the day on which those items commence, as if those amendments had not been made.

           (12)  The amendments made by items 70, 71 and 72 of Schedule 1 to the amending Act, in so far as they relate to a company under administration, apply if the administration begins on or after the day on which those items commence.

           (13)  The amendment made by item 75 of Schedule 1 to the amending Act applies to a meeting if the meeting is convened on or after the day on which that item commences.

           (14)  The amendments made by items 87, 88, 92, 93 and 94 of Schedule 1 to the amending Act apply to a transfer or alteration that occurs on or after the day on which those items commence.

           (15)  The amendments made by items 91, 96, 97, 98, 99, 100, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111 and 112 of Schedule 1 to the amending Act apply in relation to a winding up of a company if the winding up begins on or after the day on which those items commence.

           (16)  Despite the repeal of subsection 506(4) by item 113 of Schedule 1 to the amending Act, that subsection continues to apply, in relation to the liquidators of a company where the winding up of the company began before the day on which that item commences, as if that repeal had not happened.

           (17)  Sections 434D, 434E, 434F and 434G apply in relation to persons appointed on or after the day on which those sections commence.

           (18)  Section 530 applies in relation to the liquidators of a company if the winding up of the company begins on or after the day on which that section commences.

           (19)  Section 530AA applies to persons appointed on or after the day on which that section commences.

           (20)  Subsections 571(1) and 579E(1) of the amended Act apply in relation to a group of 2 or more companies if the winding up of each company in the group begins on or after the day on which those subsections commence.

1481   Schedule 2 to the amending Act (deterring corporate misconduct)

             (1)  The amendment made by item 2 of Schedule 2 to the amending Act applies in relation to a compromise or arrangement if an application relating to the compromise or arrangement was made under subsection 411(1) on or after the day on which that item commences.

             (2)  The amendment made by item 11 of Schedule 2 to the amending Act applies in relation to a matter that appears to a person:

                     (a)  during the 6-month period ending when that item commences; or

                     (b)  on or after the day on which that item commences;

where the relevant date is on or after the day on which that item commences.

             (3)  Section 489A applies in relation to a section 486B warrant if the warrant is issued on or after the day on which that section commences.

1482   Schedule 3 to the amending Act (improving regulation of insolvency practitioners)

             (1)  The amendment made by item 7 of Schedule 3 to the amending Act applies to an application for registration if the application was made on or after the day on which that item commences.

             (2)  Despite the amendment made by item 9 of Schedule 3 to the amending Act, subsection 1288(3) continues to apply, in relation to a 3-year period ending before the day on which that item commences, as if that amendment had not been made.

             (3)  Subsection 1288(3) as amended by item 9 of Schedule 3 to the amending Act applies as follows:

                     (a)  in the case of a person whose first 12 months of registration ends on or after the day on which that item commences—that subsection applies in relation to:

                              (i)  the person’s first 12 months of registration; and

                             (ii)  each subsequent period of 12 months;

                     (b)  in the case of a person whose first 12 months of registration ended before the day on which that item commences—that subsection applies as if the reference in paragraph 1288(3)(a) to the day on which the person’s registration begins (the initial registration day ) were a reference to the last anniversary of the initial registration day that occurred before the day on which that item commences.

For this purpose, a person’s first 12 months of registration is the period of 12 months beginning on the day on which the person’s registration begins.

             (4)  The amendment made by item 12 of Schedule 3 to the amending Act applies in relation to a decision made on or after the day on which that item commences.

1483   Schedule 4 to the amending Act (fine-tuning voluntary administration)

             (1)  The amendments made by items 1, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 39, 40, 45, 49, 51, 52, 53, 54, 55, 56, 57, 59, 60, 61 and 62 of Schedule 4 to the amending Act, in so far as they relate to a company under administration, apply if the administration begins on or after the day on which those items commence.

             (2)  The amendments made by items 2, 3 and 4 of Schedule 4 to the amending Act apply to an appointment of an administrator if the appointment is made on or after the day on which those items commence.

             (3)  The amendment made by item 8 of Schedule 4 to the amending Act applies to a transfer or alteration that occurs on or after the day on which that item commences.

             (4)  The amendments made by items 23, 24, 25, 26 and 28 of Schedule 4 to the amending Act, in so far as they apply to a company that is, or is proposed to be, subject to a deed of company arrangement, apply if the administration that ends, or is to end, on the execution of the deed, began on or after the day on which those items commence.

             (5)  The amendments made by items 27, 29, 30, 31, 32, 33, 34, 35, 36, 39, 40, 43, 44, 46, 55, 56 and 57 of Schedule 4 to the amending Act, in so far as they relate to a company subject to a deed of company arrangement, apply if the administration that ended on the execution of the deed began on or after the day on which those items commence.

             (6)  Items 37 and 38 of Schedule 4 to the amending Act apply in relation to a company if the winding up of the company begins on or after the day on which those items commence.

             (7)  The amendments made by items 41 and 42 of Schedule 4 to the amending Act apply in relation to a company subject to a deed arrangement if the administration that ended on the execution of the deed began on or after the day on which those items commence.

             (8)  The amendments made by items 63, 65, 66, 67, 69 and 70 of Schedule 4 to the amending Act, in so far as they relate to the winding up of a company, apply if the relevant date is on or after the day on which those items commence.

             (9)  Section 440BA, in so far as it relates to a company under administration, applies if the administration begins on or after the day on which that section commences.

           (10)  Section 440BB does not apply to distress for rent that began to be carried out before the day on which that section commences.

           (11)  Subsections 442C(7) and (8), in so far as they relate to a company under administration, apply if the administration begins on or after the day on which those subsections commence.

           (12)  Subsections 442C(7) and (8), in so far as they relate to a company subject to a deed of company arrangement, apply if the administration that ended on the execution of the deed began on or after the day on which those subsections commence.

           (13)  Section 446C applies in relation to a company as follows:

                     (a)  if the company was under administration immediately before the liquidation time referred to in that section—the administration begins on or after the day on which that section commences;

                     (b)  if the company was subject to a deed of company arrangement immediately before the liquidation time referred to in that section—the administration that ended on the execution of the deed began on or after the day on which that section commences.

           (14)  Subsection 588FE(2A) applies in relation to a company if the administration referred to paragraph 588FE(2A)(b) begins on or after the day on which that subsection commences.

           (15)  Subsection 588FE(2B) applies in relation to a company if the administration that ended on the execution of the deed of company arrangement referred to in paragraph 588FE(2B)(b) began on or after the day on which that subsection commences.