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 D   Funds handling

134   Administration account

If, immediately before the commencement day, a person has an account that complies with the requirements (if any) specified in the old regulations in relation to the administration of:

(a) an estate of a bankrupt; or

(b) more than one estate of a bankrupt or bankrupts;

the account is taken on and after the commencement day to be an administration account for the relevant estate for the purposes of section 65-5 of the Insolvency Practice Schedule (Bankruptcy) and subsection 280(5) of the Bankruptcy Act 1966.