1590Handling securities

1590  Handling securities  (1) Section 65‑40 of the Insolvency Practice Schedule (Corporations) does not apply in relation to negotiable instruments and other securities received before the commencement day. Old regulations continue to apply to money received before commencement  (2) Regulation 5.6.07 of the old regulations continues to apply in relation to bills, notes and other securities received before the commencement day. Subdivision E—Information 1591  Application of Division 70 of the Insolvency Practice Schedule (Corporations)—general rule   Division 70 of the Insolvency Practice Schedule (Corporations) applies in relation to an ongoing external administration of a company. 1592  Accounts and administration returns Administration returns for 2017‑18 and later years  (1) Sections 70‑5 and 70‑6 of the Insolvency Practice Schedule (Corporations) apply in relation to the financial year starting on 1 July 2017 and later financial years.  (2) Subsection (3) of this section applies in relation to the repeal of each of the following sections of the old Act by Schedule 2 to the Insolvency Law Reform Act 2016:  (a) 438E;  (b) 445J;  (c) 539.  (3) To the extent that a repealed section relates to a period for which an account or statement must be lodged:  (a) the repeal of the section applies in relation to periods starting on or after 1 July 2017; and  (b) the section applies in relation to periods starting before 1 July 2017 and ending after that day as if the period ends on 30 June 2017.  (4) For the avoidance of doubt, despite the repeal of a section mentioned in subsection (2) by Schedule 2 to the Insolvency Law Reform Act 2016, audits may be continued under that section in relation to accounts lodged under that section as if the old Act continued to apply.