4Treatment of proceedings brought in a court under the old Credit Code before commencement

4 Treatment of proceedings brought in a court under the old Credit Code before commencement (1) This item applies to proceedings (the old proceedings) in relation to which the following paragraphs are satisfied: (a) the proceedings were brought in a court before commencement in relation to a carried over instrument; (b) the proceedings were brought in relation to a provision (the old provision) of the old Credit Code of a referring State or a Territory; (c) the proceedings were not enforcement proceedings, or appeal or review proceedings, in relation to an order of a court; (d) the proceedings had not been concluded or terminated before commencement; (e) either: (i) if the proceedings are primary proceedings—no final determination of any of the existing rights or liabilities at issue in the proceedings had been made before commencement; or (ii) if the proceedings are interlocutory proceedings—this item applies to the primary proceedings to which the interlocutory proceedings relate. Note: This item does not apply to proceedings in a tribunal that were brought under the old Credit Code before commencement. For proceedings in a tribunal, see item 6. (2) Proceedings (the new proceedings) equivalent to the old proceedings are, on commencement, taken to have been brought in the same court, exercising federal jurisdiction under the provision of the new Credit Code that corresponds to the old provision. Note: This means that the new proceedings will stay in the same court as the old proceedings, but the court will now be exercising federal jurisdiction for the new proceedings. (3) To the extent that the old proceedings, before commencement, related to old rights or liabilities, the new proceedings relate to the substituted rights and liabilities in relation to those old rights or liabilities. Note 1: See items 11 and 12 for the creation of substituted rights and liabilities. Note 2: In all cases, there will be a provision of the new Credit Code that corresponds to the relevant old provision, either because the new Credit Code actually contains a provision that corresponds to the relevant old provision or because the new Credit Code, because of item 12, is taken to include the relevant old provision. (4) The following provisions apply in relation to the new proceeding: (a) the parties to the new proceedings are the same as the parties to the old proceedings; (b) subject to subitems (5) and (6) and to any order to the contrary made by the court, the court must deal with the new proceedings as if the steps that had been taken for the purposes of the old proceedings before commencement had been taken for the purposes of the new proceedings. (5) If: (a) an interlocutory order was made before commencement for the purpose of, or in relation to, the old proceedings; and (b) that interlocutory order was in force immediately before commencement; the rights and liabilities of all persons (including rights and liabilities arising wholly or partly because of conduct occurring before commencement) are taken to be, for all purposes, the same as if the interlocutory order had instead been made by the same court, in the exercise of federal jurisdiction, for the purpose of, or in relation to, the new proceedings. (6) The court may make orders doing all or any of the following: (a) cancelling or varying rights or liabilities that a person has because of subitem (5); (b) substituting other rights or liabilities for rights or liabilities a person has because of subitem (5); (c) adding rights or liabilities to the rights or liabilities a person has because of subitem (5); (d) enforcing, or otherwise dealing with conduct contrary to, a right or liability a person has because of subitem (5) in the same way as it could enforce, or deal with, the right, liability or conduct if the right or liability had arisen under or because of an order made by the court in the exercise of federal jurisdiction under the new Credit Code.