1585Application of new provisions about exercise of powers while company under external administration

1585  Application of new provisions about exercise of powers while company under external administration Application of new section 198G  (1) Section 198G (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) applies in relation to an exercise of power or a performance of a function that occurs on or after the commencement day. Approval under old Act continues to have effect  (2) If, under subsection 499(4) of the old Act, a committee of inspection or the company’s creditors give approval for a director of the company to continue to perform or exercise the director’s powers or functions, subsections 198G(1) and (2) (as inserted by Schedule 2 to the Insolvency Law Reform Act 2016) do not apply in relation to the director. Subdivision D—Funds handling 1586  Application of Division 65 of the Insolvency Practice Schedule (Corporations)—general rule   Division 65 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company. 1587  Administration account   If, 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).