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)

Corporations Act 2001

322   At the end of Chapter 10

Add:

Part 10.25 - Transitional provisions relating to the Insolvency Practice Schedule (Corporations)

Division 1 - Introduction

1550 Simplified outline of this Part

This Part deals with the way this Actwill apply when the provisions of the Insolvency Law Reform Act 2016 begin to operate.

Application of Part 2 of the Insolvency Practice Schedule (Corporations)

A person registered as a liquidator before the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue to be registered and must comply with the requirements and duties under Part 2 of the Insolvency Practice Schedule (Corporations).

Application of Part 3 of the Insolvency Practice Schedule (Corporations)

Part 3 of the Insolvency Practice Schedule (Corporations) will apply to an external administration that starts on or after the commencement of Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 and to most ongoing administrations (but generally only in relation to new events).

Proceedings before the Court or the Administrative Appeals Tribunal

Proceedings already begun in the Court or the Administrative Appeals Tribunal before the commencement of the amendments made by Part 1 of Schedule 2 to the Insolvency Law Reform Act 2016 will continue under the old Act. Orders of the Court under the old Act continue to have effect.

Regulations

Regulations may be made to deal with other transitional matters.

1551 Definitions

In this Part:

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

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

make , in relation to an order that is a direction, includes give.

new external administration of a company means an external administration of a company that starts on or after the commencement day.

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

old Act registrant has the meaning given by subsection 1553(4).

old Act registration day , in relation to a person, has the meaning given by subsection 1555(2).

old regulations means the Corporations Regulations 2001, as in force immediately before the commencement day.

ongoing external administration of a company means an external administration of a company that started before the commencement day and ends after that day.

order includes a direction.

registered : a person is registered as a liquidator, or as a liquidator of a specified body corporate, at a particular time in the circumstances set out in subsection 1552(2).

Register of Liquidators means the Register of Liquidators established and maintained under section 15-1 of the Insolvency Practice Schedule (Corporations).

Division 2 - Application of Part 2 of the Insolvency Practice Schedule (Corporations) and related consequential amendments

Subdivision A - Registering liquidators

1552 Applications for registration under the old Act

(1) If, before the commencement day:

(a) a person has applied for registration as a liquidator, or as a liquidator of a specified body corporate, under section 1279 of the old Act; and

(b) the person's application has not been refused; and

(c) the person is not registered before the commencement day as a liquidator, or as a liquidator of a specified body corporate;

the application is taken never to have been made and ASIC must refund any fee paid in relation to the application.

(2) A person is registered as a liquidator, or as a liquidator of a specified body corporate, at a particular time if:

(a) a certificate of registration as a liquidator or as a liquidator of a specified body corporate has been issued to the person under subsection 1282(6) of the old Act before that time; and

(b) the day specified in the certificate as the day on which the registration would begin occurs before the day on which that time occurs.

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 .

1554 Old Act registrant's details

(1) ASIC must enter on the Register of Liquidators, in relation to each old Act registrant, the details prescribed under subsection 15-1(3) of the Insolvency Practice Schedule (Corporations) that relate to that old Act registrant.

(2) If ASIC holds information in relation to an old Act registrant before the commencement day, ASIC may use and disclose the information for the purposes of establishing and maintaining the Register of Liquidators.

1555 Period of old Act registrant's registration under the Insolvency Practice Schedule (Corporations)

(1) The registration of an old Act registrant under the Insolvency Practice Schedule (Corporations) is for a period ending on the first anniversary of the old Act registration day for that person that occurs on or after the commencement day.

(2) The old Act registration day in relation to a person who was registered (or but for a suspension would have been registered) as a liquidator, or as a liquidator of a specified body corporate, immediately before the commencement day, is the day on which that registration began.

(3) To avoid doubt, the registration of an old Act registrant under the Insolvency Practice Schedule (Corporations) may be renewed in accordance with that Schedule.

1556 Conditions for old Act registrants - conditions under the Insolvency Practice Schedule (Corporations)

To avoid doubt, a condition may be imposed on an old Act registrant (or on a class that includes an old Act registrant) under the Insolvency Practice Schedule (Corporations) in accordance with that Schedule.

1557 Current conditions for old Act registrants - undertakings under the old Act

Undertakings under the old Act

(1) If:

(a) an old Act registrant was required to give an undertaking under paragraph 1292(9)(b) or (c) of the old Act; and

(b) that requirement is still in force immediately before the commencement day;

it is a condition of the old Act registrant's registration under the Insolvency Practice Schedule (Corporations) that he or she gives and complies with the undertaking.

(2) A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.

Varying etc. conditions of registration

(3) Subdivision C of Division 20 of the Insolvency Practice Schedule (Corporations) applies to a condition imposed under subsection (1) in the same way as it applies to a condition imposed by a committee under the Insolvency Practice Schedule (Corporations).

1558 Current conditions for old Act registrants - undertakings under the ASIC Act

Undertakings under the ASIC Act

(1) If:

(a) before the commencement day, an old Act registrant gives ASIC an undertaking under section 93AA of the ASIC Actto engage in, or refrain from engaging in, conduct as a liquidator, or as a liquidator of a specified body corporate; and

(b) that undertaking is in force immediately before the commencement day;

it is a condition of the old Act registrant's registration under the Insolvency Practice Schedule (Corporations) that he or she comply with the undertaking.

(2) A condition imposed under subsection (1) is a current condition imposed on the old Act registrant.

Enforcement of undertaking under the ASIC Act not affected

(3) Nothing in this section affects the application of section 93AA of the ASIC Act in relation to a breach of an undertaking accepted under that section.

1559 Old Act registrant registered as liquidator of a specified body corporate

Old Act registrant may not accept further appointments

(1) If an old Act registrant was registered as a liquidator of a specified body corporate immediately before the commencement day, it is a condition of the old Act registrant's registration under the Insolvency Practice Schedule (Corporations) that he or she must not accept any further appointments as external administrator of a company.

(2) That condition is a current condition imposed on the old Act registrant.

Registration cancelled once current administrations completed

(3) On the day immediately after the external administration of the body corporate in relation to which the old Act registrant was registered ends:

(a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations) to have his or her registration as a liquidator cancelled; and

(b) ASIC is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Corporations).

Old Act registrant applies for registration under section 20-5 of the Insolvency Practice Schedule (Corporations)

(4) To avoid doubt, if the old Act registrant applies under section 20-5 of the Insolvency Practice Schedule (Corporations) to be registered as a liquidator, and is registered in response to that application, this section does not affect that registration.

1560 Old Act registrant chooses not to renew

Application of this section

(1) This section applies if an old Act registrant does not apply for renewal of his or her registration under the Insolvency Practice Schedule (Corporations) before his or her period of registration under subsection 1555(1) ends (the expiry day ).

Old Act registrant may not accept further appointments after registration expires

(2) The old Act registrant is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) after the expiry day, subject to a condition that he or she must not accept any further appointments as external administrator of a company.

(3) That condition is a current condition imposed on the old Act registrant.

Registration cancelled once current administrations completed

(4) On the day immediately after all of the external administrations of companies that the old Act registrant is entitled to carry out in accordance with his or her current conditions ends:

(a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations) to have his or her registration as a liquidator cancelled; and

(b) ASIC is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Corporations).

Subdivision B - Annual returns and statements

1561 Application of obligation to lodge annual liquidator returns

Application of the Insolvency Practice Schedule (Corporations)

(1) Section 30-1 of the Insolvency Practice Schedule (Corporations) applies in relation to liquidator return years that begin on or after the commencement day.

Meaning of liquidator return year

(2) In working out the liquidator return year for an old Act registrant under subsection 30-1(2) of the Insolvency Practice Schedule (Corporations), "the day on which that registration first began", means "the old Act registration day for that person (as defined for the purpose of Part 10.25 of this Act)".

Annual statements under the old Act

(3) The repeal of section 1288 by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to liquidator return years beginning on or after the commencement day.

Subdivision C - Notice requirements

1562 Notice of significant events

(1) If:

(a) within 2 years before the commencement day, an event of a kind mentioned in subsection 35-1(1) of the Insolvency Practice Schedule (Corporations) occurs in relation to an old Act registrant; and

(b) the old Act registrant has not already informed ASIC in writing of the event before the commencement day;

the old Act registrant must lodge with ASIC a notice, in the approved form, relating to the event.

(2) The notice must be lodged:

(a) if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day - within one month after the commencement day; or

(b) if paragraph (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day - within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.

(3) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1) within the period specified in subsection (2); and

(b) the person intentionally or recklessly fails to comply with the requirement within that period.

Penalty: 100 penalty units.

Subdivision D - Cancellation by ASIC under the old Act

1563 Request for cancellation made before the commencement day

(1) This section applies if:

(a) before the commencement day, a person requests ASIC under section 1290 of the old Act to cancel the person's registration as a liquidator or as a liquidator of a specified body corporate; and

(b) no decision by ASIC to cancel that registration has come into effect before the commencement day.

(2) ASIC may not cancel the registration under section 1290 of the old Act.

(3) However, for the purposes of paragraph 40-30(1)(f) of the Insolvency Practice Schedule (Corporations), the person is taken to have lodged a request with ASIC in the approved form to have the person's registration as a liquidator under the Insolvency Practice Schedule (Corporations) cancelled.

(4) The amendments of section 1290 made by Schedule 2to the Insolvency Law Reform Act 2016 apply in relation to requests made to ASIC under section 1290 on or after the commencement day.

1564 Decision to cancel registration made before the commencement day

(1) This section applies if:

(a) before the commencement day, a decision is made by ASIC under section 1290A of the old Act to cancel the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and

(b) the decision has not come into effect before the commencement day.

(2) On the commencement day, ASIC is taken to have made a decision under section 40-30 of the Insolvency Practice Schedule (Corporations) to cancel the registration of the person as a liquidator.

(3) Section 40-35 of the Insolvency Practice Schedule (Corporations) applies in relation to the decision as if the decision were made on the commencement day.

Subdivision E - Disciplinary proceedings before the Board

1565 Matters not dealt with by the Board before the commencement day

(1) If:

(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and

(b) the Board has not, before the commencement day:

(i) made an order in response to the application under subsection 1292(2), (3), (4), (5), (6) or (7) of the old Act; or

(ii) dealt with the person under subsection 1292(9) of the old Act in response to the application; or

(iii) held a conference in relation to the application under section 1294A;

the Board must cease its consideration of the matter on the commencement day without making such an order, dealing with the person under subsection 1292(9) of the old Act or convening such a conference under section 1294A.

(2) If:

(a) the Board has ceased to consider a matter because of subsection (1); and

(b) a conference has been convened in relation to the matter under subsection 1294A(1), but not yet held;

the Chairperson of the Board need not give notice of the conference under subsection 1294A(3) and the conference need not be held.

(3) The fact that the Board has ceased to consider the matter does not preclude the matter, or any aspect of the matter, from being dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).

(4) To avoid doubt, nothing in this section affects any right or obligation that any person has before the commencement day, including any right to review, in relation to the application or the consideration of the matter by the Board.

1566 Matters dealt with by the Board before the commencement day

(1) This section applies if:

(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and

(b) before the commencement day, the Board has:

(i) made an order in response to the application under subsection 1292(2), (3), (4), (5), (6) or (7); or

(ii) dealt with the person under subsection 1292(9) in response to the application; or

(iii) held a conference in relation to the application under section 1294A.

(2) The old Act continues to apply in relation to:

(a) the decision to:

(i) make the order under subsection 1292(2), (3), (4), (5), (6) or (7); or

(ii) deal with the matter under subsection 1292(9) in response to the application; or

(iii) convene the conference under section 1294A; and

(b) a decision made at the conference held under section 1294A; and

(c) any process ordered under subsection 1294A(4) at the conference held under that section; and

(d) the matter in relation to which the conference was held under section 1294A before the commencement day.

(3) The same matter may not be dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).

1567 Matters which the Board refuses to deal with before the commencement day

(1) This section applies if:

(a) an application has been made under section 1292 of the old Act in relation to a person before the commencement day; and

(b) before the commencement day, the Board has decided to refuse to:

(i) make an order in response to the application under subsection 1292(2), (3), (4), (5), (6) or (7); or

(ii) deal with the person under subsection 1292(9) in response to the application; or

(iii) convene a conference in relation to the application under section 1294A.

(2) The old Act continues to apply in relation to the decision to refuse to make the order under subsection 1292(2), (3), (4), (5), (6) or (7), deal with the matter under subsection 1292(9) in response to the application or convene a conference under section 1294A.

(3) The same matter may not be dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).

1568 Board considering terminating suspension before the commencement day

(1) If:

(a) an application has been made under section 1295 of the old Act to terminate the suspension of the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and

(b) the Board has neither refused the application nor, by order, terminated the suspension before the commencement day;

the Board must cease its consideration of the matter on the commencement day without making such an order.

(2) If:

(a) the Board, under section 1295 of the old Act, is considering of its own motion whether to terminate the suspension of the registration of a person as a liquidator, or as a liquidator of a specified body corporate; and

(b) the Board has not, by order, terminated the suspension before the commencement day;

the Board must cease its consideration of the matter on the commencement day without making such an order.

(3) The fact that the Board has ceased to consider the matter does not preclude the matter from being dealt with under Division 40 of the Insolvency Practice Schedule (Corporations).

1569 Sharing information between the Board and committees

(1) The Chair of a committee convened under Part 2 of the Insolvency Practice Schedule (Corporations) may request the Chairperson of the Board (the Board Chair ) to give the committee any information or document in the Board's possession or control in relation to a person who:

(a) is, or has at any time been, a registered liquidator under the Insolvency Practice Schedule (Corporations); or

(b) has at any time been registered as a liquidator, or as a liquidator of a specified body corporate, under the old Act.

(2) The Board Chair must comply with the request within 10 business days.

Subdivision F - Suspension, cancellation and disciplinary action under the Insolvency Practice Schedule (Corporations)

1570 Direction to comply with requirement to lodge documents etc.

Subdivision B of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not a requirement mentioned in that Subdivision to lodge a document or give information or a document arises before, on or after the commencement day.

1571 Suspension by ASIC under the Insolvency Practice Schedule (Corporations)

(1) Section 40-25 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-25(1) occurs before, on or after the commencement day.

(2) However, paragraph 40-25(1)(c) of the Insolvency Practice Schedule (Corporations) does not apply in relation to the cancellation of the registration of a person as a trustee under the Bankruptcy Act 1966, as in force at any time before the commencement day.

1572 Cancellation by ASIC under the Insolvency Practice Schedule (Corporations)

(1) Section 40-30 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-30(1) occurs before, on or after the commencement day.

(2) However, paragraph 40-30(1)(c) of the Insolvency Practice Schedule (Corporations) does not apply in relation to the cancellation of the registration of a person as a trustee under the Bankruptcy Act 1966, as in force at any time before the commencement day.

1573 Show-cause notice under the Insolvency Practice Schedule (Corporations)

Subdivision E of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not an event mentioned in subsection 40-40(1) of the Schedule occurs before, on or after the commencement day.

1574 Lifting or shortening suspension under the Insolvency Practice Schedule (Corporations)

Subdivision F of Division 40 of the Insolvency Practice Schedule (Corporations) applies whether or not a person's registration as a liquidator is suspended under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).

1575 Action initiated by industry bodies

Section 40-100 of the Insolvency Practice Schedule (Corporations) applies, whether or not the grounds to which a notice under that section relates arise because of an action, a failure to act or circumstance that occurs before, on or after the commencement day.

Subdivision G - Powers of the Court and other bodies

1576 Application of court powers under section 45-1 of the Insolvency Practice Schedule (Corporations)

The Court may exercise its powers to make an order under section 45-1 of the Insolvency Practice Schedule (Corporations), whether or not the action or failure to act in relation to which, or because of which, the order is made occurs before, on or after the commencement day.

1577 Powers to deal with registration under the old Act on or after the commencement day

(1) This section applies if, as a result of the continued application of the old Act on or after the commencement day, a relevant body may decide to register a person, or suspend or cancel the registration of a person, as a liquidator or as a liquidator of a specified body corporate under the old Act.

(2) A relevant body may instead:

(a) register the person, or suspend or cancel the registration of the person, as a liquidator under the Insolvency Practice Schedule (Corporations); and

(b) by order, modify the application of this Part or the Insolvency Practice Schedule (Corporations) in relation to the registration, or the suspension or cancellation of the registration, of the person as a liquidator under the Insolvency Practice Schedule (Corporations).

(3) In this section:

relevant body means ASIC, the Administrative Appeals Tribunal, the Court or any other body.

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

Subdivision A - Introduction

1578 Simplified outline of this Division

This Division deals with the way this Act will apply to external administrations when the provisions of the Insolvency Practice Schedule (Corporations) begin to operate.

New external administrations

The Insolvency Practice Schedule (Corporations) applies to external administrations that start on or after the commencement of the Insolvency Law Reform Act 2016 (called new external administrations).

Ongoing external administrations

For external administrations that start before that day but are still ongoing (called ongoing external administrations), the Insolvency Practice Schedule (Corporations) 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 external administrations

For old external administrations that have ended but that may have ongoing obligations or processes, in most cases the old Act continues to apply.

Subdivision B - General rules for Part 3

1579 Application of Part 3 of the Insolvency Practice Schedule (Corporations) - general rules

New external administrations

(1) Part 3 of the Insolvency Practice Schedule (Corporations) applies in relation to a new external administration of a company.

Ongoing external administrations

(2) Part 3 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company in accordance with this Division.

Subdivision C - Remuneration and other benefits received by external administrators

1580 Application of Division 60 of the Insolvency Practice Schedule (Corporations) - general rule

Subdivision B to D of Division 60 of the Insolvency Practice Schedule (Corporations) applies in relation to an external administrator of a company under ongoing external administration who is appointed on or after the commencement day.

1581 Old Act continues to apply in relation to remuneration for administrators already appointed

(1) Despite the repeal of sections 449E and 473 and the repeal and substitution of subsections 499(3) to (7) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016,the old Act continues to apply in relation to the remuneration of an external administrator of a company who is appointed before the commencement day.

(2) Despite subsection (1), if, under Subdivision F of this Division, Division 75 of the Insolvency Practice Schedule (Corporations) rather than the old Act would apply to a meeting that deals with the remuneration of an external administrator of a company who is appointed before the commencement day, Division 75 of the Insolvency Practice Schedule (Corporations) applies to that meeting.

1582 Duties of administrators relating to remuneration and other benefits

(1) Section 60-20 of the Insolvency Practice Schedule (Corporations) applies in relation to an external administrator of an ongoing external administration of a company whether or not the administrator was appointed before, on or after the commencement day.

(2) However, that section does not apply in relation to arrangements made before the commencement day.

1583 Old Act continues to apply in relation to any right of indemnity

(1) This section applies if the remuneration of an external administrator of a company is fixed under section 449E of the old Act:

(a) before the commencement day; or

(b) on or after the commencement day (in accordance with a provision of this Division).

(2) Despite the repeal of that section and the amendment of paragraph 443D(b) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, the old Act continues to apply in relation to any right of indemnity that the external administrator has as if that repeal and amendment had not happened.

1584 Application of new provisions about vacancies of court-appointed liquidator

Subsection 473A(1) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) applies whether or not the vacancy in the office of liquidator occurred before, on or after the commencement day.

1585 Application of new provisions about exercise of powers while company under external administration

Application of new section 198G

(1) Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016)applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day.

Approval under old Act continues to have effect

(2) If, under subsection 499(4) of the old Act, a committee of inspection or the company's creditors give approval for a director of the company to continue to perform or exercise the director's powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) do not apply in relation to the director.

Subdivision D - Funds handling

1586 Application of Division 65 of the Insolvency Practice Schedule (Corporations) - general rule

Division 65 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company.

1587 Administration account

If, immediately before the commencement day, a person has a liquidator's general account in relation to the external administration of:

(a) a company; or

(b) a company in a pooled group;

the account is taken on and after the commencement day to be an administration account for the company for the purposes of section 65-5 of the Insolvency Practice Schedule (Corporations).

1588 Paying money into administration account

Application of the Insolvency Practice Schedule (Corporations)

(1) Sections 65-5 and 65-15 of the Insolvency Practice Schedule (Corporations) do not apply in relation to money received before the commencement day.

Old regulations continue to apply to money received before commencement

(2) Paragraph 5.6.06(1)(b) of the old regulations continues to apply in relation to money received before the commencement day.

1589 Paying money out of administration account

Section 65-25 of the Insolvency Practice Schedule (Corporations) does not apply in relation to money paid out of an administration account before the commencement day.

1590 Handling securities

Application of the Insolvency Practice Schedule (Corporations)

(1) Section 65-40 of the Insolvency Practice Schedule (Corporations) does not apply in relation to negotiable instruments and other securities received before the commencement day.

Old regulations continue to apply to money received before commencement

(2) Regulation 5.6.07 of the old regulations continues to apply in relation to bills, notes and other securities received before the commencement day.

Subdivision E - Information

1591 Application of Division 70 of the Insolvency Practice Schedule (Corporations) - general rule

Division 70 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company.

1592 Accounts and administration returns

Administration returns for 2017-18 and later years

(1) Sections 70-5 and 70-6 of the Insolvency Practice Schedule (Corporations) apply in relation to the financial year starting on 1 July 2017 and later financial years.

Accounts under old Act

(2) Subsection (3) of this section applies in relation to the repeal of each of the following sections of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016:

(a) 438E;

(b) 445J;

(c) 539.

(3) To the extent that a repealed section relates to a period for which an account or statement must be lodged:

(a) the repeal of the section applies in relation to periods starting on or after 1 July 2017; and

(b) the section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.

Continuation of audits under old Act

(4) For the avoidance of doubt, despite the repeal of a section mentioned in subsection (2) by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.

1593 Administration books

Application of the Insolvency Practice Schedule (Corporations)

(1) Section 70-10 of the Insolvency Practice Schedule (Corporations) does not apply in relation to events:

(a) that occur before the commencement day; and

(b) in respect of which, or because of which, entries or minutes are to be made.

Old Act continues to apply to events etc. before commencement day

(2) Despite the repeal of section 531 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, that section continues to apply in relation to events:

(a) that occur before the commencement day; and

(b) in respect of which, or because of which, entries or minutes must be made.

1594 Audit of administration books

Sections 70-15 to 70-25 of the Insolvency Practice Schedule (Corporations) apply to books relating to an ongoing external administration whether or not the books are kept under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).

1595 Transfer of administration books

Application of the Insolvency Practice Schedule (Corporations)

(1) Sections 70-30 and 70-31 of the Insolvency Practice Schedule (Corporations) apply in relation to a person who ceases to be the external administrator of a company on or after the commencement day.

Application of repeal of old Act

(2) The repeal of section 1298A of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to a person whose registration as a liquidator is cancelled or suspended on or after the commencement day.

1596 Retention and destruction of administration books

Application of the Insolvency Practice Schedule (Corporations)

(1) To avoid doubt, section 70-35 of the Insolvency Practice Schedule (Corporations) applies to books relating to an ongoing external administration whether or not the books were kept under a provision of the old Act or of the Insolvency Practice Schedule (Corporations).

Old Act continues to apply in relation to books for old external administrations

(2) If:

(a) an external administration of a company ends before the commencement day; and

(b) immediately before that day, a person was required under section 542 of the old Act to retain books of the company for a period; and

(c) but for the repeal of that section by Schedule 2 to the Insolvency Law Reform Act 2016, that period would have ended on or after the commencement day;

section 542 of the old Act continues to apply (despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016) on and after the commencement day in relation to the person for the remainder of that period.

Continued effect of consent by ASIC under old Act

(3) If before the commencement day, a person is entitled under subsections 542(3) and (4) of the old Act to destroy books of a company (or of the person's that are relevant to the affairs of the company) then, despite section 70-35 of the Insolvency Practice Schedule (Corporations), those books may be destroyed.

1597 Giving information to creditors etc.

Subdivision D of Division 70 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-40(1), 70-45(1), 70-46(2), 70-47(2) or 70-50(1) of the Insolvency Practice Schedule (Corporations):

(a) was obtained or generated; or

(b) was made or prepared; or

(c) is in respect of actions or events that occurred;

before, on or after the commencement day.

1598 Commonwealth may request information

Section 70-55 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-55(2):

(a) was obtained or generated; or

(b) was made or prepared; or

(c) is in respect of actions or events that occurred;

before, on or after the commencement day.

1599 Reporting to ASIC

Section 70-60 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 70-60(1):

(a) was obtained or generated; or

(b) was made or prepared; or

(c) is in respect of actions or events that occurred;

before, on or after the commencement day.

1600 Old Act continues to apply in relation to notices to remedy default

Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016, section 540 of the old Act continues to apply in relation to a notice mentioned in that section that is served on a person before the commencement day.

Subdivision F - Meetings

1601 Application of Division 75 of the Insolvency Practice Schedule (Corporations) - general rule

(1) Division 75 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company.

(2) However, Division 75 of the Insolvency Practice Schedule (Corporations) does not apply in relation to meetings convened or held before the commencement day.

1602 External administrator must convene meetings in certain circumstances

Application of the Insolvency Practice Schedule (Corporations)

(1) Section 75-15 of the Insolvency Practice Schedule (Corporations) does not apply in relation to:

(a) directions given before the commencement day; or

(b) resolutions passed before the commencement day.

Old Act continues to apply in relation to resolutions for voluntary winding up passed before commencement day

(2) Despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016:

(a) sections 497 and 498 of the old Act continue to apply on and after the commencement day in relation to a resolution for voluntary winding up that is passed before the commencement day; and

(b) subsection 477(4) of the old Act continues to apply on and after the commencement day if a meeting of creditors has not been held under section 497 of the old Act in relation to a voluntary winding up a resolution for which is passed before the commencement day.

1603 Old Act continues to apply in relation to reporting for first year of administration

(1) This section applies if, in relation to a company, a year mentioned in subsection 508(1) of the old Act starts before the commencement day but ends after that day.

(2) Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016, section 508 of the old Act continues to apply on and after the commencement day in relation to the company for that year.

1604 Old Act continues to apply to the deregistration of companies

The repeal and substitution of section 509 by Schedule 2 to the Insolvency Law Reform Act 2016 applies where the external administration of the company ends during a financial year starting on or after 1 July 2017.

1605 Old Act continues to apply for certain meetings convened etc. before commencement day

(1) If:

(a) the administrator of a company under external administration is required to convene a meeting of the company's creditors under section 439A of the old Act; and

(b) the convening period for the meeting as fixed by subsection 439A(5) of the old Act (or extended under subsection (6) of that section) ends on or after the commencement day; and

(c) as at the commencement day, the meeting has not been convened;

then the old Act continues to apply on and after the commencement day (despite the repeal of subsections 439A(3) and (4) and section 439B by Schedule 2 to the Insolvency Law Reform Act 2016) in relation to the meeting.

(2) Despite the repeal of section 445F of the old Act and the amendment of section 445A of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, those sections continue to apply on and after the commencement day in relation to meetings for which a notice under subsection 445F(2) is given before the commencement day.

(3) Despite its repeal by Schedule 2 to the Insolvency Law Reform Act 2016, section 479 of the old Act continues to apply on and after the commencement day in relation to meetings which have been convened under subsection 479(2) or for which a direction or request is given under that subsection before the commencement day.

(4) Despite the amendment of subsection 496(8) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, that subsection continues to apply on and after the commencement day in relation to meetings convened before the commencement day as if the amendment had not been made.

1606 Outcome of voting at creditors' meeting determined by related entity or on casting vote - Court powers

Sections 75-41 to 75-45 of the Insolvency Practice Schedule (Corporations) apply whether a proposal has been voted on or a resolution passed before, on or after the commencement day.

Subdivision G - Committees of inspection

1607 Application of Division 80 of the Insolvency Practice Schedule (Corporations) - general rules

(1) Division 80 of the Insolvency Practice Schedule (Corporations) applies in relation to a committee of inspection for an ongoing external administration of a company:

(a) that is appointed under that Division on or after the commencement day; or

(b) that is appointed under a provision of the old Act but is taken to be a committee of inspection under subsection 1608(2) of this Subdivision.

(2) However, Division 80 of the Insolvency Practice Schedule (Corporations) does not apply in relation to meetings of, or related to, the committee of inspection convened or held before the commencement day.

1608 Appointing committees of inspection

Committees appointed under old Act taken to be committee of inspection

(1) Subsection (2) applies if there is, in relation to the external administration of a company:

(a) a committee of creditors validly appointed under section 436E of the old Act; or

(b) a committee of inspection validly appointed under section 548 of the old Act; or

(c) a committee of inspection validly appointed under section 548A of the old Act.

(2) On and after the day specified in subsection (3), the committee (the continued committee ) is taken for the purposes of the Insolvency Practice Schedule (Corporations) to be:

(a) in the case of a committee appointed under section 436E or 548 of the old Act - a committee of inspection established under section 80-10 of the Insolvency Practice Schedule (Corporations) in relation to the external administration of the company; and

(b) in the case of a committee appointed under section 548A of the old Act - a committee of inspection established under section 80-26 of the Insolvency Practice Schedule (Corporations) in relation to a pooled group of which the company is a member.

(3) For the purposes of subsection (2), the day is:

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

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

Old Act continues to apply to certain meetings

(4) If:

(a) because of the operation of section 436E, 548 or 548A (the repealed section ) of the old Act before the commencement day, the administrator or liquidator of a company is required to convene a meeting; and

(b) as at the commencement day, the meeting has not been convened;

then (despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016) the repealed sections of the old Act continue to apply on and after the commencement day in relation to the meeting.

1609 Old Act continues to apply to certain reports by administrator

If, before the commencement day, the administrator of a company under administration is directed under subsection 436F(3) of the old Act to give a report, then despite the repeal of section 436F by Schedule 2 to the Insolvency Law Reform Act 2016, that section continues to apply on and after commencement day in relation to the report.

1610 Membership of continued committees

Members of continued committees

(1) The members of a continued committee are the members appointed to the committee under section 436E (in accordance with section 436G), 548 or 548A of the old Act, as the case requires.

Old Act continues to apply to members of continued committees

(2) If a person is a member of a continued committee, then despite the repeal of:

(a) section 436G, 548 or 548A (and any regulations made under that section), as the case requires; and

(b) section 550;

by Schedule 2 to the Insolvency Law Reform Act 2016, those provisions continue to apply in relation to the person.

Application of the Insolvency Practice Schedule (Corporations)

(3) The following provisions do not apply in relation to members of a continued committee:

(a) sections 80-15 to 80-25 and paragraph 80-26(2)(b) of the Insolvency Practice Schedule (Corporations);

(b) Insolvency Practice Rules made under section 80-30 of the Insolvency Practice Schedule (Corporations) that relate to membership of a committee of inspection.

Note: However, the committee could dissolve and the members could form a new committee to which these provisions would then apply.

1611 Validity of appointment under section 548 of the old Act not affected by lack of separate meeting of contributories

(1) The appointment of a committee of inspection under section 548 of the old Act before the commencement day is not invalid merely because a separate meeting of contributories was not convened for the purposes of determining:

(a) whether a committee of inspection should be appointed; and

(b) where a committee of inspection is to be appointed:

(i) the numbers of members to represent the creditors and the contributories, respectively; and

(ii) the persons who are to be members of the committee representing creditors and contributories, respectively.

(2) However, if:

(a) a debt or claim has been paid in the winding up of a company before the commencement day; and

(b) the priority given to the debt or claim was determined under section 556 of the Corporations Act 2001 on the basis that a committee of inspection was not validly appointed because a separate meeting of contributories was not convened for the purposes mentioned in paragraphs (1)(a) and (b); and

(c) but for subsection (1), the committee of inspection would not have been validly appointed;

the priority of the payment is not affected by subsection (1).

1612 Continued application of directions by creditors or committees under the old Act

Sections 80-35 and 85-5 of the Insolvency Practice Schedule (Corporations) apply whether or not the direction is given before, on or after the commencement day.

1613 Committee of inspection may request information

Section 80-40 of the Insolvency Practice Schedule (Corporations) applies whether or not the information, report or document referred to in subsection 80-40(1):

(a) was obtained or generated; or

(b) was made or prepared; or

(c) is in respect of actions or events that occurred;

before, on or after the commencement day.

1614 Duties of members of committee of inspection and creditors relating to profits and advantages etc.

Sections 80-55 and 80-60 of the Insolvency Practice Schedule (Corporations) apply to arrangements made on or after the commencement day.

Subdivision H - Review of the external administration of a company

1615 Application of Division 90 of the Insolvency Practice Schedule (Corporations) - general rule

Division 90 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration whether or not the matter to be reviewed occurred before, on or after the commencement day.

1616 Application of the Insolvency Practice Schedule (Corporations) provisions that conflict with old Act Court orders - general rule

(1) This section applies if a court makes an order in relation to a person or the external administration of a company under the old Act (the old Act order ).

(2) The old Act order does not cease to have effect because a provision of the old Act under which it was made has been amended or repealed by Schedule 2 to the Insolvency Law Reform Act 2016.

(3) If the old Act order is inconsistent with a provision of this Act that is amended or inserted by Schedule 2 to the Insolvency Law Reform Act 2016, then, subject to this Part, the provision does not apply to the extent that it is inconsistent with the old Act order.

1617 Old Act continues to apply in relation to ongoing proceedings before a court - general rule

(1) This section applies if proceedings are brought under the old Act in a court (on application or on the initiative of the court) in relation to the external administration of a company either:

(a) before the commencement day; or

(b) on or after the commencement day (in accordance with a provision of this Division).

(2) Subject to this Part, nothing in Schedule 2 to the Insolvency Law Reform Act 2016 affects:

(a) the proceedings; or

(b) the power of the court to make orders in relation to the proceedings; or

(c) any orders made by the court in relation to the proceedings; or

(d) any enforcement in relation to, or as a result of, the proceedings (including giving effect to any court orders); or

(e) any appeal or review in relation to the proceedings.

(3) Subject to this Part, the old Act continues to apply on and after the commencement day in relation to the proceedings despite the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016.

(4) In this section:

proceedings include civil and criminal proceedings, inquiries by the court, enforcement processes and any other processes.

1618 Court powers to inquire into and make orders

Application of the Insolvency Practice Schedule (Corporations)

(1) Subsections (2) to (4) are for the avoidance of doubt.

(2) Sections 90-5 and 90-10 of the Insolvency Practice Schedule (Corporations) apply whether or not the information, report or document mentioned in subsections 90-5(2) and 90-10(4) was prepared before, on or after the commencement day.

(3) Paragraph 90-15(3)(f) of the Insolvency Practice Schedule (Corporations) applies whether or not the remuneration is paid or payable before, on or after the commencement day.

(4) Subsection 90-15(4) of the Insolvency Practice Schedule (Corporations) applies whether or not the action or failure to act occurred before, on or after the commencement day.

Old Act continues to apply for inquiries started under section 536

(5) Despite the repeal of section 536 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, that section continues to apply in relation to inquiries commenced by ASIC before the commencement day (including inquiries commenced because of the extension of section 536 by subsection 411(9) to persons appointed under the terms of a compromise or arrangement).

Application of new section 599

(6) Section 599 (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) applies whether or not the act, omission or decision occurred before, on or after the commencement day.

1619 Review by another registered liquidator

(1) The following subsections are for the avoidance of doubt.

(2) Sections 90-24 and 90-26 of the Insolvency Practice Schedule (Corporations) apply whether or not:

(a) the remuneration is paid or payable; or

(b) the cost or expense is incurred or paid;

before, on or after the commencement day.

(3) A period determined by the Court under paragraph 90-26(4)(d) of the Insolvency Practice Schedule (Corporations) or prescribed under paragraph 90-26(4)(c) may include a period that:

(a) starts before the commencement day but ends after that day; or

(b) starts and ends before the commencement day.

(4) Section 90-28 of the Insolvency Practice Schedule (Corporations) applies whether or not the books or information mentioned in paragraph 90-28(2)(a) were prepared before, on or after the commencement day.

(5) Rules made for the purposes of section 90-29 of the Insolvency Practice Schedule (Corporations) in relation to the meaning of properly incurred may make provision for or in relation to costs and expenses incurred before, on or after the commencement day.

1620 Removal by creditors

For the avoidance of doubt, section 90-35 of the Insolvency Practice Schedule (Corporations) applies whether or not the external administrator was appointed before, on or after the commencement day.

Division 4 - Administrative review

1621 Administrative Appeals Tribunal proceedings

(1) This section applies if an application is made to the Administrative Appeals Tribunal for review of a decision made under the old Act either:

(a) before the commencement day; or

(b) on or after the commencement day (in accordance with a provision of thisPart).

(2) Subject to this Part, nothing in the Insolvency Law Reform Act 2016 affects:

(a) any proceedings before the Administrative Appeals Tribunal in relation to the decision; or

(b) the powers of the Administrative Appeals Tribunal in relation to the decision; or

(c) any enforcement in relation to, or as a result of, a decision of the Administrative Appeals Tribunal in relation to the decision; or

(d) any appeal or review in relation to a decision of the Administrative Appeals Tribunal in relation to the decision.

(3) Subject to this Part, the old Act continues to apply on and after the commencement day in relation to the proceedings despite the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016.

Applications for review made after the commencement day

(4) Despite the repeals and amendments made by the Insolvency Law Reform Act 2016, applications may be made to the Administrative Appeals Tribunal for review of the decision.

Division 5 - Application of other consequential amendments

1622 Outcome of voting at creditors' meeting determined by related entity or on casting vote - Court powers

Sections 415A to 415C, as inserted by the Insolvency Law Reform Act 2016, apply whether a proposed resolution has been voted on before, on or after the commencement day.

1623 Returns and accounts by controllers

Returns by controllers for 2017-18 and later years

(1) Sections 422A and 422B, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, apply in relation to the financial year starting on 1 July 2017 and later financial years.

Accounts under old Act

(2) Subsection (3) of this section applies in relation to the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016.

(3) To the extent that section 432 of the old Act relates to a period for which an account must be lodged:

(a) the amendment of the section applies in relation to periods starting on or after 1 July 2017; and

(b) the unamended section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.

Continuation of audits under old Act

(4) For the avoidance of doubt, despite the amendment of section 432 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.

1624 Transfer of books by a controller to a new controller or ASIC

Sections 422C and 422D, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, apply in relation to a person who ceases to act as a controller of property of a corporation on or after the commencement day.

1625 Officers reporting to controller about corporation's affairs

The amendment of paragraph 429(2)(b) by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to notices received on or after the commencement day.

1626 Lodging notice of execution of a deed of company arrangement

The amendment of paragraph 450B(c), and substitution with paragraph 450B(b), by Schedule 2 to the Insolvency Law Reform Act 2016 applies in relation to deeds of company arrangement executed on or after the commencement day.

1627 Office of liquidator appointed by the Court

Vacancies in office of liquidator appointed by the Court

(1) Despite the repeal of section 473 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016, that section continues to apply in relation to a vacancy in the office of a liquidator appointed by the Court that occurs before the commencement day.

(2) Section 473A, as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, applies in relation to vacancies in the office of a liquidator appointed by the Court that occur on or after the commencement day.

Where there are 2 or more liquidators appointed by the Court

(3) Subsections 473A(4) and (5), as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, apply in relation to 2 or more liquidators appointed by the Court, whether the liquidators were appointed before, on or after the commencement day.

1628 Report as to company's affairs to be submitted to liquidator

(1) The amendments of section 475 by Schedule 2 to the Insolvency Law Reform Act 2016 apply where a winding up order is made on or after the commencement day.

(2) The repeal of section 476 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies where a report referred to in subsection 475(1) or (2) is received on or after the commencement day.

1629 Orders for release or deregistration

Despite the amendment of paragraph 481(1)(a) by Schedule 2 to the Insolvency Law Reform Act 2016, that paragraph continues to apply in relation to auditors appointed by ASIC under section 539 of the old Act.

1630 Meeting relating to the voluntary winding up of a company

The repeal and substitution of section 506A by Schedule 2 to the Insolvency Law Reform Act 2016 applies where the resolution for the voluntary winding up of a company is passed on or after the commencement day.

1631 Pooling determinations

(1) The repeal of sections 574 to 576 of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 apply where a pooling determination is made or varied on or after the commencement day.

(2) Subsection 577(1A), as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, applies where a pooling determination is made or varied on or after the commencement day.

(3) The repeal of subsection 577(2) of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016 applies to resolutions agreed on or after the commencement day.

1632 Electronic methods of giving or sending certain notices

(1) If:

(a) a notice or other document was authorised or required to be given or sent under a provision of the old Act mentioned in a paragraph of subsection 600G(1) that is repealed by Schedule 2 to the Insolvency Law Reform Act 2016; and

(b) although the authorisation or requirement arose before the commencement day, the notice or other document is required to be given or sent on or after the commencement day;

that paragraph of subsection 600G(1) continues to apply in relation to the giving or sending of the notice or other document.

(2) Subsections 600G(4) and (4A), as inserted by Schedule 2 to the Insolvency Law Reform Act 2016, apply in relation to notices or other documents given or sent on or after the commencement day.

1633 Deregistration following winding up

(1) If, on or after the commencement day, the Court orders the deregistration of a company under subsection 509(6) of the old Act, subsection 601AC(1) of the old Act continues to apply in relation to the order.

(2) Subsection 601AC(2) of the old Act continues to apply in relation to a company for which a return has been lodged under section 509 before the commencement day.

Division 6 - Regulations

1634 Regulations

(1) The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedule 2 to the Insolvency Law Reform Act 2016.

(2) The regulations may provide that certain provisions of Schedule 2 to the Insolvency Law Reform Act 2016 are taken to be modified as set out in the regulations. Those provisions then have effect as if they were so modified.

(3) The provisions of Schedule 2 to the Insolvency Law Reform Act 2016 that provide for regulations to deal with matters do not limit each other.