Commonwealth Consolidated Acts Commonwealth Consolidated ActsCommittees appointed under old Act taken to be committee of inspection
(1) Subsection (2) applies if there is, in relation to the external administration of a company:
(a) a committee of creditors validly appointed under section 436E of the old Act; or
(b) a committee of inspection validly appointed under section 548 of the old Act; or
(c) a committee of inspection validly appointed under section 548A of the old Act.
(2) On and after the day specified in subsection (3), the committee (the continued committee ) is taken for the purposes of the Insolvency Practice Schedule (Corporations) to be:
(a) in the case of a committee appointed under section 436E or 548 of the old Act--a committee of inspection established under section 80 - 10 of the Insolvency Practice Schedule (Corporations) in relation to the external administration of the company; and
(b) in the case of a committee appointed under section 548A of the old Act--a committee of inspection established under section 80 - 26 of the Insolvency Practice Schedule (Corporations) in relation to a pooled group of which the company is a member.
(3) For the purposes of subsection (2), the day is:
(a) in the case of a committee appointed on or before the commencement day--the commencement day; and
(b) in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this section--that later day.
Old Act continues to apply to certain meetings
(4) If:
(a) because of the operation of section 436E, 548 or 548A (the repealed section ) of the old Act before the commencement day, the administrator or liquidator of a company is required to convene a meeting; and
(b) as at the commencement day, the meeting has not been convened;
then (despite their repeal by Schedule 2 to the Insolvency Law Reform Act 2016 ) the repealed sections of the old Act continue to apply on and after the commencement day in relation to the meeting.