Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO THE INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

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

Subdivision D - Funds handling  

SECTION 1587  

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).