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<h1>Repeal and savings preserve pending proceedings, instruments, appointments and prosecutions under prior insolvency laws.</h1> The enactment repeals earlier insolvency Acts while preserving continuity: pending proceedings remain governed by the repealed Acts and will be heard and disposed of as if not repealed; instruments, orders, rules, appointments and other acts in force at commencement continue to have effect and be deemed valid; prosecutions and office-holders under the repealed enactments continue subject to prescribed terms; and established principles, practices, privileges and usages are not affected, without prejudice to the general application of the General Clauses Act on repeal.