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 G   Committees of inspection

156   Appointing committees of inspection

Committees appointed under old Act taken to be committee of inspection

(1) If there is, in relation to the administration of a regulated debtor's estate, a committee of inspection validly appointed under section 70 of the old Act, then on and after the day specified in subitem (2), the committee (the continued committee ) is taken for the purposes of the Insolvency Practice Schedule (Bankruptcy) to be a committee of inspection established under section 80-10 of the Insolvency Practice Schedule (Bankruptcy) in relation to the administration of the estate.

(2) For the purposes of subitem (1), the day is:

(a) in the case of a committee appointed on or before the commencement day - the commencement day; or

(b) in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this Division - that later day.

Note: In relation to paragraph (2)(b), for example, a committee may be appointed at a meeting called under the old Act before the commencement day but held after that day in accordance with item 154.