Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 1602

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.