Section 1553 — Corporations Act 2001 (Cth)

Person registered under the old Act immediately before the commencement day

(1) If a person is registered as a liquidator, or as a liquidator of a specified body corporate, immediately before the commencement day, on the commencement day the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations).

Person registered but suspended under the old Act before the commencement day

(2) If:

(a) a person is registered as a liquidator, or as a liquidator of a specified body corporate, before the commencement day; and

(b) that person’s registration is suspended before the commencement day; and

(c) the period of the suspension does not expire before the commencement day;

the person is taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day, but the person’s registration is taken to be suspended under the Insolvency Practice Schedule (Corporations) for a period that ends when the period of the suspension under the old Act would have ended.

Note: The old Act registrant could apply under Subdivision F of Division 40 of the Insolvency Practice Schedule (Corporations) to have the suspension lifted or shortened.

Circumstances in which person not taken to be registered

(3) Despite subsections (1) and (2), a person mentioned in one of those subsections is not taken to be registered as a liquidator under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) on the commencement day if, at the beginning of that day:

(a) the person is an insolvent under administration; or

(b) the person is dead.

Meaning of old Act registrant

(4) A person who is taken to be registered under Subdivision B of Division 20 of the Insolvency Practice Schedule (Corporations) because of this section is referred to as an old Act registrant.

Related sections

• s 1550 — Simplified outline of this Part
• s 1551 — Definitions
• s 1552 — Applications for registration under the old Act
• s 1554 — Old Act registrant’s details
• s 1555 — Period of old Act registrant’s registration under the Insolvency Practice Schedule (Corporations)
• s 1556 — Conditions for old Act registrants—conditions under the Insolvency Practice Schedule (Corporations)

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