Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 1   Amendments relating to the Insolvency Practice Schedule (Bankruptcy)

Part 3   Transition to the Insolvency Practice Schedule (Bankruptcy)

Division 3   Application of Part 3 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments

Subdivision A   Introduction

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.