Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.