Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.25 - TRANSITIONAL PROVISIONS RELATING TO 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  

SECTION 1559   OLD ACT REGISTRANT REGISTERED AS LIQUIDATOR OF A SPECIFIED BODY CORPORATE  

Old Act registrant may not accept further appointments

1559(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.

1559(2)    
That condition is a current condition imposed on the old Act registrant.

Registration cancelled once current administrations completed

1559(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)

1559(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.