156Appointing committees of inspection

156  Appointing committees of inspection Committees appointed under old Act taken to be committee of inspection (1) If there is, in relation to the administration of a regulated debtor’s estate, a committee of inspection validly appointed under section 70 of the old Act, then on and after the day specified in subitem (2), the committee (the continued committee) is taken for the purposes of the Insolvency Practice Schedule (Bankruptcy) to be a committee of inspection established under section 80‑10 of the Insolvency Practice Schedule (Bankruptcy) in relation to the administration of the estate. (2) For the purposes of subitem (1), the day is:  (a) in the case of a committee appointed on or before the commencement day—the commencement day; or  (b) in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this Division—that later day. Note: In relation to paragraph (2)(b), for example, a committee may be appointed at a meeting called under the old Act before the commencement day but held after that day in accordance with item 154.