Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf, 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).