Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 2   Amendments relating to the Insolvency Practice Schedule (Corporations)

Part 3   Transition to the Insolvency Practice Schedule (Corporations)

Australian Securities and Investments Commission Act 2001

321   At the end of the Act

Add:

Part 23 - Transitional provisions relating to the Insolvency Law Reform Act 2016

302 Definitions

In this Part:

commencement day means the day on which Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 commences.

control of the property of a corporation means:

(a) the receivership of that property; and

(b) the possession, or control, of that property for the purpose of enforcing a security interest;

and includes any functions or powers in connection with managing the corporation that may be performed or exercised by a receiver or other controller of that property.

Insolvency Practice Schedule (Corporations) means Schedule 2 to the Corporations Act 2001, and includes rules made under section 105-1 of that Schedule.

old Corporations Act means the Corporations Act 2001, as in force immediately before the commencement day, and includes regulations made under that Act as in force immediately before that day.

303 General powers of investigation continue to apply to failure to comply with duties before the commencement day

Despite the amendment of subsection 13(3) by the Insolvency Law Reform Act 2016, that subsection continues to apply to duties that were not performed, or may not have been performed, before the commencement day by a person who was a liquidator registered under Division 2 of Part 9.2 of the old Corporations Act.

304 Notice to registered liquidators concerning information and books - requirements before the commencement day

(1) For the purposes of section 30B and subsection 33(3), the liquidator requirements are taken to include:

(a) the requirements in relation to liquidators, the external administration of companies and the control of the property of corporations under Chapter 5 of the old Corporations Act; and

(b) other provisions of the old Corporations Act that relate to that Chapter.

(2) For the purposes of subparagraph 30B(2)(c)(ii), a reference to an alleged or suspected contravention of a law of the Commonwealth, or of a State or Territory in this jurisdiction includes an alleged or suspected contravention of such a law that:

(a) relates to the performance or exercise of a liquidator's functions, duties or powers before the commencement day; and

(b) either:

(i) concerns the management of the affairs of a body corporate before the commencement day; or

(ii) involves fraud or dishonesty before the commencement day and relates to a body corporate.

(3) Subsection 33(3) applies, whether or not the liquidator is a registered liquidator under the Insolvency Practice Schedule (Corporations) or was registered as a liquidator under Division 2 of Part 9.2 of the old Corporations Act.

305 ASIC may give information and books relating to pre-commencement activity

On and after the commencement day, section 39C applies in relation to information and books obtained or generated by ASIC before the commencement day:

(a) in relation to a person who was a liquidator of a company, or of a specified company, or an official liquidator before the commencement day - in the same way as it applies in relation to a registered liquidator on and after the commencement day; and

(b) in relation to any of the following:

(i) a company that was under administration before the commencement day;

(ii) a company in relation to which a deed of company arrangement had been entered into before the commencement day;

(iii) a company in relation to which a liquidator or provisional liquidator was appointed before the commencement day;

in the same way as it applies in relation to a company under external administration on and after the commencement day; and

(c) in relation to a corporation property of which is under control before the commencement day - in the same way as it applies to a corporation property of which is under control on or after the commencement day.

306 Information to be included in ASIC's annual report

The amendment of section 136 made by the Insolvency Law Reform Act 2016 applies to reports on ASIC's operations during the financial year ending on 30 June 2017, and later financial years.

307 Appointments to the Companies Auditors Disciplinary Board

The amendment of section 203 made by the Insolvency Law Reform Act 2016 applies to appointments made on or after the commencement day.