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Bankruptcy Act 1966
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C2022C00259 (C90)
28 September 2022
-
22 November 2023
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Part I—Preliminary
1 Short title
2 Commencement
4 Repeal
4A Insolvency Practice Schedule
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Part IA—Interpretation
5 Interpretation
5A Acting in accordance with a person’s directions or instructions
5B Associated entities: companies
5C Associated entities: natural persons
5D Associated entities: partnerships
5E Associated entities: trusts
5F Controlling an entity in relation to a matter
5G Financial affairs of a company
5H Financial affairs of a natural person
5J Financial affairs of a partnership
5K Financial affairs of a trust
6 Meaning of intent to defraud creditors
6A Statement of affairs for purposes other than Part XI
6B Provision of statement of affairs under Part XI and statement of administration of estate of deceased person
6C Interpretive provisions relating to proceeds of crime orders
6D Approved forms
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Part IB—Application of Act
7 Application of Act
7A Application of the Criminal Code
8 Act binds the Crown
9 Laws of States and Territories not affected by Act
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Part II—Administration
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Division 1—General
10 Delegation by Minister or Secretary
11 Inspector General in Bankruptcy
12 Functions of Inspector General
13 The Australian Financial Security Authority
15 Official Receivers
16 Appointment of Inspector General and Official Receivers
17 Acting Inspector General and Acting Official Receivers
17B Arrangements for services of State Magistrates and Northern Territory Local Court Judges
18 The Official Trustee in Bankruptcy
18AA Public Governance, Performance and Accountability Act 2013 does not apply to the Official Trustee
18A Liability of the Official Trustee
19 Duties etc. of trustee
19AA Power of investigation of bankrupt’s affairs
19A Liability of Inspector General, Official Receivers etc.
19B Trustee to give Official Receiver information etc.
Division 2—Common Investment Fund
20A Interpretation
20B The Common Investment Fund
20D Investment of money in Common Fund
20E Borrowing for the Common Fund
20F Moneys in Common Fund not held on account of particular estates etc.
20G Common Investment Fund Equalization Account
20H Credits to and debits from the Equalization Account
20J Interest on moneys in Common Fund payable only in certain circumstances
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Part III—Courts
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Division 2—Jurisdiction and powers of courts in bankruptcy
27 Bankruptcy courts
29 Courts to help each other
30 General powers of Courts in bankruptcy
31 Exercise of jurisdiction
32 Costs
33 Adjournment, amendment of process and extension and abridgment of times
33A Alteration of filing date for statement of affairs
34 Orders and commissions for examination of witnesses
34A Standard of proof
35 Jurisdiction of the Federal Circuit and Family Court of Australia (Division 1) in bankruptcy where trustee is a party to property settlement or spousal maintenance proceedings etc.
35A Transfer of proceedings to Federal Circuit and Family Court of Australia (Division 1)
35B Family Court of Western Australia
36 Enforcement of orders etc.
37 Power of Court to rescind orders etc.
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Part IV—Proceedings in connexion with bankruptcy
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Division 1—Acts of bankruptcy
40 Acts of bankruptcy
41 Bankruptcy notices
42 Payment etc. of debt to Commonwealth or State after service of bankruptcy notice
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Division 2—Creditors’ petitions
43 Jurisdiction to make sequestration orders
44 Conditions on which creditor may petition
45 Creditor’s petition against partnership
46 Petition against 2 or more joint debtors
47 Requirements as to creditor’s petition
49 Change of petitioners
50 Taking control of debtor’s property before sequestration
51 Costs of prosecuting creditor’s petition
52 Proceedings and order on creditor’s petition
53 Consolidation of proceedings
54 Bankrupt’s statement of affairs
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Division 2A—Declaration of intention to present debtor’s petition
54A Presentation of declaration
54B When debtor disqualified from presenting declaration
54C Acceptance or rejection of declaration
54D Official Receiver to give information to debtor
54E Enforcement suspended during stay period
54F Duties of sheriff
54G Duty of court registrar
54H Duties of person entitled to deduct money owing to declared debtor
54J Extension of time where this Division prevents the doing of an act
54K Section 33 not to apply to this Division
54L Secured creditor’s rights under security not affected
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Division 3—Debtors’ petitions
55 Debtor’s petition
56A Persons who may present a debtor’s petition against a partnership
56B Presentation of a debtor’s petition against a partnership
56C Referral to the Court of a debtor’s petition against a partnership
56D Acceptance of a debtor’s petition against a partnership by the Official Receiver
56E Effects of acceptance of a debtor’s petition against a partnership
56F Extra duties of non petitioning partners who become bankrupts
56G Inspection of statements of affairs of partners and partnerships
57 Debtor’s petition by joint debtors who are not partners
57A Time at which person becomes bankrupt on debtor’s petition
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Division 4—Effect of bankruptcy on property and proceedings
58 Vesting of property upon bankruptcy—general rule
58A Vesting of property upon bankruptcy—effect of orders in force under the proceeds of crime law
59 Second or subsequent bankruptcy
59A Orders to which sections 58 and 59 are subject
60 Stay of legal proceedings
61 Actions by bankrupt partner’s trustee
62 Actions on joint contracts
63 Death of bankrupt
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Division 6—Composition or arrangement with creditors
73 Composition or arrangement
73B Declaration of relationships by proposed trustee of composition or scheme of arrangement
74 Annulment of bankruptcy
74A Variation of composition or scheme of arrangement
75 Effect of composition or scheme of arrangement
76 Application of Part VIII and Schedule 2 to trustee of a composition or arrangement
76B Setting aside and termination of a composition or scheme of arrangement
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Part V—Control over person and property of debtors and bankrupts
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Division 1—General
77 Duties of bankrupt as to discovery etc. of property
77AA Access by Official Receiver and others to premises
77A Access by trustee to books of associated entity
77C Power of Official Receiver to obtain information and evidence
77CA Power of Official Receiver to obtain statement of affairs
77D Allowances and expenses in respect of attendance
77E Advance on account of allowances and expenses
77F Allowances and expenses to be paid out of bankrupt’s estate
78 Arrest of debtor or bankrupt
80 Notification of change in name, address or day time telephone number
81 Discovery of bankrupt’s property etc.
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Division 2—Offshore information notices
81A Issue of notices
81B Extension of period of notice
81C Variation of notices
81D Withdrawal of notices
81E Notices may be included in same document
81F Relationship between this Division and section 77C
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Division 3—Failure to comply with certain notices
81G Effect of non compliance with notice
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Part VI—Administration of property
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Division 1—Proof of debts
82 Debts provable in bankruptcy
83 Debt not to be considered proved until admitted
84 Manner of proving debts
85 Proof by employees
86 Mutual credit and set off
87 Deduction of discounts
88 Apportionment to principal and interest of payments made before bankruptcy
89 Apportionment where security realized before or after bankruptcy
90 Proof of debt by secured creditor
91 Redemption of security by trustee etc.
92 Amendment of valuation
93 Repayment of excess
94 Subsequent realization of security
95 Proof in respect of distinct contracts
96 Proof in respect of proportionate part of periodical payment
97 Production of bills of exchange and promissory notes
98 Amendment of proof of debt
100 Costs of proving debts etc.
101 Inspection of proofs by creditors etc.
102 Admission or rejection of proofs
103 Debts to be rounded down to nearest dollar
104 Appeal against decision of trustee in respect of proof
105 Costs of appeal
106 Trustee may administer oaths etc.
107 Creditor not to receive more than the amount of his or her debt and interest
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Division 2—Order of payment of debts
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Subdivision A—General
108 Debts proved to rank equally except as otherwise provided
109 Priority payments
109A Debts due to employees
110 Application of estates of joint debtors
113 Apprenticeship etc. claims
114 Payment of liabilities etc. incurred under terminated deed etc.
Subdivision B—The effect of proceeds of crime orders and applications for proceeds of crime orders
114A The effect of proceeds of crime orders
114B The effect of applications for proceeds of crime orders
114C Director of Public Prosecutions or Commissioner of the Australian Federal Police must notify the trustee of certain matters
Division 3—Property available for payment of debts
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Subdivision A—General
115 Commencement of bankruptcy
116 Property divisible among creditors
117 Policies of insurance against liabilities to third parties
118 Execution by creditor against property of debtor who becomes a bankrupt etc.
119 Duties of sheriff after receiving notice of presentation of petition etc.
119A Duties of sheriff after receiving notice of bankruptcy etc.
120 Undervalued transactions
121 Transfers to defeat creditors
121A Transactions where consideration given to a third party
122 Avoidance of preferences
123 Protection of certain transfers of property against relation back etc.
124 Protection of certain payments to bankrupt etc.
125 Certain accounts of undischarged bankrupt
126 Dealings with undischarged bankrupt in respect of after acquired property
127 Limitation of time for making claims by trustee etc.
128 Notice to trustee where identity of vendor etc. with bankrupt in doubt
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Subdivision B—Superannuation contributions
128A Simplified outline
128B Superannuation contributions made to defeat creditors—contributor is a person who later becomes a bankrupt
128C Superannuation contributions made to defeat creditors—contributor is a third party
128D Time for making claims by trustee
128E Superannuation account freezing notice
128F Revocation of superannuation account freezing notice
128G Copy of superannuation account freezing notice to be given to trustee etc.
128H Consent of Official Receiver to the cashing etc. of a superannuation interest
128J Power of Court to set aside superannuation account freezing notice
128K Judicial enforcement of superannuation account freezing notices
128L Protection of trustee of eligible superannuation plan
128M References to a member of an eligible superannuation plan
128N Definitions
Division 4—Realization of property
129 Trustee to take possession of property of bankrupt
129AA Time limit for realising property
129A Eligible judges
130 Warrant for seizure of property connected with the bankrupt
132 Vesting and transfer of property
133 Disclaimer of onerous property
134 Powers exercisable at discretion of trustee
136 Right to pay off mortgages
137 Right of trustee to inspect goods held as security
138 Limitation of trustee’s power in respect of copyright, patents etc.
139 Protection of trustee from personal liability in certain cases
Division 4A—Orders in relation to property of entity controlled by bankrupt or from which bankrupt derived a benefit
139A Trustee may apply to Court
139B Application to be served on respondent entity
139C Who may appear at hearing
139CA Definition of examinable period
139D Order relating to property of entity other than a natural person
139DA Order relating to property of natural person
139E Order relating to net worth of entity other than a natural person
139EA Order relating to increase in value of property of natural person
139F Court to take account of interests of other persons
139G Giving effect to orders under this Division
139H Entity entitled to claim in bankruptcy
Division 4B—Contribution by bankrupt and recovery of property
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Subdivision A—Preliminary
139J Objects of Division
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Subdivision B—Interpretation
139K Definitions
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Subdivision C—Income
139L Meaning of income
139M Derivation of income
139N Income varied by income tax payments and refunds and child support payments
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Subdivision D—Liability of bankrupt to pay contributions
139P Liability of bankrupt to pay contribution
139Q Change in liability of bankrupt
139R Liability not affected by subsequent discharge
139S Contribution payable by bankrupt
139T Determination of higher income threshold in cases of hardship
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Subdivision E—Provision of information to trustee
139U Bankrupt to provide evidence of income
139V Power of trustee to require bankrupt to provide additional evidence
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Subdivision F—Assessments of income and contribution
139W Assessment of bankrupt’s income and contribution
139WA No time limit on making assessment
139X Basis of assessments
139Y Trustee may regard bankrupt as receiving reasonable remuneration
139Z If bankrupt claims not to be in receipt of income
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Subdivision G—Review of assessment
139ZA Internal review of assessment
139ZC Inspector General may request further information
139ZD Decision on review
139ZE Inspector General to notify bankrupt and trustee of decision
139ZF Review of assessment decisions
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Subdivision H—When contribution payable
139ZG Payment of contribution
139ZH If excess contribution paid
139ZI Notice of determinations
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Subdivision HA—Supervised account regime
139ZIA Objects
139ZIB Definitions
139ZIC Trustee may determine that the supervised account regime applies to the bankrupt
139ZID Revocation of determination
139ZIDA When determination ceases to be in force
139ZIE Bankrupt must open and maintain supervised account
139ZIEA New supervised account
139ZIF Bankrupt’s monetary income to be deposited to supervised account
139ZIG Trustee to supervise withdrawals from supervised account
139ZIH Constructive income receipt arrangements
139ZIHA Non monetary income receipt arrangements
139ZII Cash income
139ZIIA Keeping of books
139ZIJ Injunctions
139ZIK Interim injunctions
139ZIL Discharge etc. of injunctions
139ZIM Certain limits on granting injunctions not to apply
139ZIN Other powers of the Court unaffected
139ZIO Inspector General may review trustee’s decision
139ZIP Inspector General may request further information
139ZIR Inspector General’s decision on review
139ZIS Inspector General to notify bankrupt and trustee of decision
139ZIT AAT review of decisions
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Subdivision I—Collection of money or property by Official Receiver from person other than the bankrupt
139ZJ Definition
139ZK Persons to whom Subdivision applies
139ZL Official Receiver may require persons to make payments
139ZM Power of Court to set aside notice
139ZN Charge over property
139ZO Failure to comply with notice
139ZP Employer not to dismiss or injure bankrupt because of giving of notice
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Subdivision J—Collection of money or property by Official Receiver from party to transaction that is void against the trustee
139ZQ Official Receiver may require payment
139ZR Charge over property
139ZS Power of Court to set aside notice
139ZT Failure to comply with notice
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Subdivision K—Rolled over superannuation interests etc.
139ZU Order relating to rolled over superannuation interests etc.
139ZV Enforcement of order
139ZW Definitions
Division 5—Distribution of property
140 Declaration and distribution of dividends
141 Joint and separate dividends
142 Apportionment of expenses of administration of joint and separate estates
143 Provision to be made for creditors residing at a distance etc.
144 Right of creditor who has not proved debt before declaration of dividend
145 Final dividend
146 Distribution of dividends where bankrupt fails to file statement of affairs
147 No action for dividend
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Part VII—Discharge and annulment
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Division 1—Preliminary
148 Misleading conduct by bankrupt
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Division 2—Discharge by operation of law
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Subdivision A—Discharge after certain period
149 Automatic discharge
149A Bankruptcy extended when objection made
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Subdivision B—Objections
149B Objection to discharge
149C Form of notice of objection
149D Grounds of objection
149F Copy of notice of objection to be given to bankrupt
149G Date of effect of objection
149H Trustee ceasing to object on some grounds
149J Withdrawal of objection
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Subdivision C—Review of objection
149K Internal review of objection
149M Inspector General may request further information
149N Decision on review
149P Inspector General to notify bankrupt and trustee of decision
149Q Review of decisions
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Division 4—Provisions applicable to all discharges
152 Discharged bankrupt to give assistance
153 Effect of discharge
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Division 5—Annulment of bankruptcy
153A Annulment on payment of debts
153B Annulment by Court
154 Effect of annulment
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Part VIII—Trustees
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Division 1—Appointment and official name
156A Consent to act as trustee
157 Appointment of trustees
158 Appointment of more than one trustee etc.
159 Vacancy in office of trustee
160 Official Trustee to be trustee when no registered trustee is trustee
161 Trustee may act in official name
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Division 2—Remuneration and costs of the Official Trustee and Official Receiver
163 Remuneration of the Official Trustee
163A Costs and expenses of Official Receiver
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Division 5—Vacation of office
180 Resignation of trustee
181A Streamlined method for replacing trustee
183 Release of registered trustee by the Court
184 Release of registered trustee by operation of law after 7 years
184A Release of the Official Trustee
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Part IX—Debt agreements
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Division 1—Introduction
185 Definitions
185A Adequate and appropriate professional indemnity and fidelity insurance
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Division 2—Debt agreement proposals
185C Giving a debt agreement proposal to the Official Receiver
185D Statement of affairs to be given with a debt agreement proposal
185E Accepting a debt agreement proposal for processing
185EA Processing of debt agreement proposal
185EB Inspection of creditor’s statement
185EC Acceptance of a debt agreement proposal
185ED Cancellation of acceptance of debt agreement proposal for processing
185F Effect of accepting a debt agreement proposal for processing
185G Lapsing of a debt agreement proposal
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Division 3—Making a debt agreement
185H Making a debt agreement
185I Parties to a debt agreement
185K Prevention of proceedings relating to debts
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Division 3A—Duties of administrators
185LA Duties of an administrator—general
185LB Administrator to notify creditors of a 3 month arrears default by a debtor
185LC Administrator to notify Official Receiver of a designated 6 month arrears default by a debtor
185LD Administrator to maintain separate bank account
185LDA Offence relating to the trust account
185LE Administrator to keep accounts etc.
185LEA Annual return
185LF Succession of administrator
185LG Duties of an administrator in relation to debt agreements—extended meaning
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Division 4—Varying a debt agreement
185M Varying a debt agreement
185MA Procedures for dealing with proposals to vary debt agreements
185MB Inspection of creditor’s statement
185MC Acceptance of a proposal to vary a debt agreement
185MD Withdrawal of proposal to vary a debt agreement
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Division 5—Ending a debt agreement
185N End of debt agreement on discharge of obligations under agreement
185NA Release of debtor from debts
185P Terminating a debt agreement by accepting a proposal
185PA Procedures for dealing with proposals to terminate debt agreements
185PB Inspection of creditor’s statement
185PC Acceptance of a proposal to terminate a debt agreement
185PD Withdrawal of proposal to terminate a debt agreement
185Q Terminating a debt agreement by order of the Court
185QA Terminating a debt agreement—designated 6 month arrears default
185R Terminating a debt agreement by the bankruptcy of the debtor
185S Validity of things done under a debt agreement that was terminated
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Division 6—Voiding a debt agreement
185T Applying for an order declaring a debt agreement void
185U Making an order declaring a debt agreement void
185V Validity of things done under a debt agreement that was declared void
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Division 7—General provisions relating to debt agreements
185W Court directions to the Official Receiver
185X No stamp duty payable on a debt agreement
185XA Secured creditors
185Y Money received by administrator to be held on trust
185Z Remuneration of administrator
185ZA Notification of death of administrator
185ZB Official Trustee to replace an administrator who dies etc.
185ZC Official Receiver may appoint a new administrator
185ZCA Court may order administrator to make good loss caused by breach of duty
185ZCB Control of administrators by the Court
185ZD Remuneration of administrator
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Division 8—Registration of debt agreement administrators etc.
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Subdivision A—Introduction
186A Basic eligibility test
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Subdivision B—Registration of debt agreement administrators
186B Application for registration as a debt agreement administrator
186C Inspector General must approve or refuse to approve registration application
186D Registration as a debt agreement administrator
186E Duration of registration as a debt agreement administrator
186F Conditions of registration—general
186G Condition of registration—companies
186H Application to change or remove registration conditions
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Subdivision BA—Insurance
186HA Registered debt agreement administrator to maintain insurance
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Subdivision C—Surrender and cancellation of registration as a debt agreement administrator
186J Surrender of registration as a debt agreement administrator
186K Cancellation of an individual’s registration as a debt agreement administrator
186L Cancellation of a company’s registration as a debt agreement administrator
186LA Inspector General may obtain information about debt agreement administration trust accounts
186LB Account freezing notices—debt agreement administration trust accounts
186LC Power of court to set aside account freezing notices
186LD Judicial enforcement of account freezing notices
186LE Protection of bank
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Subdivision E—Miscellaneous
186N Return of certificate of registration
186P Cessation of registration as a debt agreement administrator—no refund of fees
186Q Guidelines relating to Inspector General’s powers
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Part X—Personal insolvency agreements
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Division 1—Interpretation
187 Interpretation
187A Application of Part to joint debtors
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Division 2—Meeting of creditors and control of debtor’s property
188 Debtor may authorise trustee or solicitor to be controlling trustee
188A Personal insolvency agreement
188B Inspection of statement of debtor’s affairs
189 Control of property of a debtor who has given authority under section 188
189AAA Stay of proceedings relating to creditor’s petition until meeting of debtor’s creditors
189AA Court orders with effect during period of control of debtor’s property
189AB Charge over debtor’s property that is subject to control
189AC Right of indemnity for controlling trustee
189A Report and declaration by controlling trustee
189B Controlling trustee to prepare statement about possible resolutions
190 Duties and powers of controlling trustee
190A Additional duties of controlling trustee
191 Payments to protect property etc.
192 Changing the controlling trustee
204 Resolution for personal insolvency agreement
205 Duties of sheriff after receiving notice of signing of authority under section 188 etc.
205A Duties of sheriff after receiving notice of execution of personal insolvency agreement etc.
206 Court may adjourn hearing of petition where creditors have passed resolution for personal insolvency agreement
207 Surrender of security etc. where secured creditor has voted
208 Termination of control of debtor’s property by the Court
209 Acts of controlling trustee to bind trustee of subsequent personal insolvency agreement or bankruptcy
210 Other provisions about controlling trustee
211 Other provisions about debtor
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Division 3—General provisions
215 Eligibility to be trustee of personal insolvency agreement
215A Nomination or appointment of trustee of personal insolvency agreement
216 Execution of personal insolvency agreements
217 Failure of trustee to execute personal insolvency agreement
218 Notice of execution of personal insolvency agreement
219 Trustee may sue, be sued etc. by official name
220 Filling of vacancy in office of trustee after execution of personal insolvency agreement etc.
221 Sequestration order where debtor fails to attend meeting, execute personal insolvency agreement etc.
221A Variation of personal insolvency agreement
222 Court may set aside personal insolvency agreement
222A Termination of personal insolvency agreement by trustee
222B Termination of personal insolvency agreement by creditors
222C Court may terminate personal insolvency agreement
222D Termination of personal insolvency agreement by occurrence of terminating event
224 Validity of acts if personal insolvency agreement set aside or terminated
224A Notice that a personal insolvency agreement has been set aside, varied or terminated
225 Evidence of personal insolvency agreement, resolution etc.
226 Creditor may inspect personal insolvency agreement etc.
227 Stamp duty not payable on personal insolvency agreements etc. entered into under this Part
229 Personal insolvency agreement to bind all creditors
230 Release of provable debts
231 Application of general provisions of Act to personal insolvency agreements
231A Right of debtor to remaining property
232 Certificate relating to discharge of obligations
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Part XI—Administration of estates of deceased persons in bankruptcy
244 Administration of estates under this Part upon petition by creditor
245 Debtor dying after presentation of creditor’s petition
246 Statement of deceased debtor’s affairs etc. by legal personal representative
247 Petition for administration under this Part by person administering deceased person’s estate
247A Commencement of administration under Part
248 Application of Act in relation to administrations under this Part
248A Consolidation of proceedings
249 Vesting of property on making of order
249A Charge over property owned in joint tenancy
250 Effect of order under Part where deceased person was bankrupt
251 Real property devised by will that vests directly in devisee to form part of estate in certain cases
252 Liability of legal personal representative
252A Annulment on payment of debts
252B Annulment by Court
252C Effect of annulment
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Part XIA—Farmers’ debts assistance
253A Interpretation
253B Law of State or Territory may be proclaimed
253C Notice about stay under proclaimed law
253E Relevant authority may apply for stay of proceedings under certain petitions
253F Relevant authority may be heard on application relating to debtor’s petition
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Part XII—Unclaimed dividends or moneys
254 Payment of unclaimed moneys to the Commonwealth
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Part XIII—Evidence
255 Record of proceedings or evidence
256 Evidence of matters stated in notices published in Gazette
257 Evidence of proceedings at meetings of creditors or committee of inspection
258 Presumption about due convening of meetings etc.
262 Swearing of affidavits
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Part XIV—Offences
263 Concealment etc. of property etc.
263A False affidavits
263C False claims about a creditor’s entitlement to vote
264A Failure of person to attend before the Court etc.
264B Arrest of person failing to attend before the Court etc.
264C Refusal to be sworn or give evidence etc.
264D Prevarication or evasion in the course of examination
264E Offences in relation to Registrar or magistrate conducting an examination
265 Failure of bankrupt or debtor to disclose property etc.
265A Offences relating to exercise of powers under section 77A or 130
266 Disposing or charging of property by person who becomes, or has become, a bankrupt
267 False declaration by debtor or bankrupt
267B Failure of person to provide information
267D Failure of person to attend
267E Arrest of person failing to attend before Official Receiver or authorised officer
267F Refusal to be sworn or give evidence etc.
267G Prevarication or evasion in the course of giving evidence
268 Offences in relation to personal insolvency agreements
269 Bankrupt or debtor who is a party to a debt agreement obtaining credit etc. without disclosing bankruptcy or debt agreement
270 Failure to keep proper books of account
271 Gambling or hazardous speculations
272 Leaving Australia with intent to defeat creditors etc.
273 Trial of offences constituted by refusal, failure or omission to act
275 Criminal liability not affected by discharge etc.
276 Trustee acting under a personal insolvency agreement that has been set aside
277 Punishment of contempt of court
277A Keeping of books in respect of period of bankruptcy
277B Infringement notices for offences
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Part XV—Provisions relating to the Bankruptcy (Estate Charges) Act 1997
278 Interpretation
279 Administration of, and powers and functions in relation to, the Charges Acts
280 Deferred payment of interest charge or realisations charge
281 Late payment penalty—interest charge and realisations charge
282 Extension of time for payment—interest charge and realisations charge
283 Remission of interest charge, realisations charge and late payment penalty
284 Recovery of interest charge, realisations charge and late payment penalty
285 Payments by cheque or payment order
286 Regulations may deal with other matters
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Part XVI—Miscellaneous
301 Certain provisions in contracts etc. to be void
302 Certain provisions in bills of sale etc. to be void
302A Certain provisions in governing rules of superannuation funds and approved deposit funds to be void
302AB Certain provisions in RSA’s terms and conditions to be void
302B Certain provisions in trust deeds void
303 Applications to Court
304 Parts of dollar to be disregarded in determining majority in value of creditors etc.
304A Indexation
305 Payment of expenses by Commonwealth
306 Formal defect not to invalidate proceedings
306A Protection of Registrars, magistrates etc. in relation to examinations
306B Protection in respect of reports
307 Proceedings in firm name
308 Representation of corporation etc.
309 Service of notices etc.
311 Stamp duty not payable on trustee’s cheques or receipts
313 Audit of accounts and records of the Official Trustee and the Official Receivers
315 Regulations
316 Legislative instruments determining fees
Schedule 1—Acts repealed
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Schedule 2—Insolvency Practice Schedule (Bankruptcy)
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Part 1—Introduction
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Division 1—Introduction
1 1 Object of this Schedule
1 5 Simplified outline of this Schedule
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Division 5—Definitions
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Subdivision A—Introduction
5 1 Simplified outline of this Division
Subdivision B—The Dictionary
5 5 The Dictionary
Subdivision C—Other definitions
5 10 Meaning of current conditions
5 15 Meaning of regulated debtor
5 16 Meaning of regulated debtor’s estate
5 20 Meaning of trustee of a regulated debtor’s estate
5 25 References to the trustee of a regulated debtor’s estate
5 30 Persons with a financial interest in the administration of a regulated debtor’s estate
Division 6—Application of this Schedule to Official Trustee
6 1 Schedule generally does not apply to the Official Trustee
Part 2—Registering and disciplining practitioners
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Division 10—Introduction
10 1 Simplified outline of this Part
10 5 Working cooperatively with ASIC
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Division 15—Register of trustees
15 1 Register of Trustees
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Division 20—Registering trustees
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Subdivision A—Introduction
20 1 Simplified outline of this Division
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Subdivision B—Registration
20 5 Application for registration
20 10 Inspector General may convene a committee to consider
20 15 Inspector General must refer applications to a committee
20 20 Committee to consider applications
20 25 Committee to report
20 30 Registration
20 35 Conditions imposed on all registered trustees or a class of registered trustees
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Subdivision C—Varying etc. conditions of registration
20 40 Application to vary etc. conditions of registration
20 45 Inspector General may convene a committee to consider applications
20 50 Inspector General must refer applications to a committee
20 55 Committee to consider applications
20 60 Committee to report
20 65 Committee’s decision given effect
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Subdivision D—Renewal
20 70 Application for renewal
20 75 Renewal
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Subdivision E—Offences relating to registration
20 80 False representation that a person is a registered trustee
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Division 25—Insurance
25 1 Registered trustees to maintain insurance
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Division 30—Annual trustee returns
30 1 Annual trustee returns
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Division 35—Notice requirements
35 1 Notice of significant events
35 5 Notice of other events
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Division 40—Disciplinary and other action
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Subdivision A—Introduction
40 1 Simplified outline of this Division
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Subdivision B—Direction to comply
40 5 Registered trustee to remedy failure to lodge documents or give information or documents
40 10 Registered trustee to correct inaccuracies etc.
40 15 Direction not to accept further appointments
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Subdivision C—Automatic cancellation
40 20 Automatic cancellation
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Subdivision D—Inspector General may suspend or cancel registration
40 25 Inspector General may suspend registration
40 30 Inspector General may cancel registration
40 35 Notice of suspension or cancellation
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Subdivision E—Disciplinary action by committee
40 40 Inspector General may give a show cause notice
40 45 Inspector General may convene a committee
40 50 Inspector General may refer matters to the committee
40 55 Decision of the committee
40 60 Committee to report
40 65 Inspector General must give effect to the committee’s decision
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Subdivision F—Lifting or shortening suspension
40 70 Application to lift or shorten suspension
40 75 Inspector General may convene a committee to consider applications
40 80 Inspector General must refer applications to a committee
40 85 Committee to consider applications
40 90 Committee to report
40 95 Committee’s decision given effect
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Subdivision G—Action initiated by industry body
40 100 Notice by industry bodies of possible grounds for disciplinary action
40 105 No liability for notice given in good faith etc.
40 110 Meaning of industry bodies
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Division 45—Court oversight of registered trustees
45 1 Court may make orders in relation to registered trustees
45 5 Court may make orders about costs
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Division 50—Committees under this Part
50 1 Simplified outline of this Division
50 5 Prescribed body appointing a person to a committee
50 10 Minister appointing a person to a committee
50 15 Single committee may consider more than one matter
50 20 Ongoing consideration of matters by committee
50 25 Procedure and other rules relating to committees
50 30 Remuneration of committee members
50 35 Committee must only use information etc. for purposes for which disclosed
Part 3—General rules relating to estate administrations
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Division 55—Introduction
55 1 Simplified outline of this Part
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Division 60—Remuneration and other benefits received by the trustee
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Subdivision A—Introduction
60 1 Simplified outline of this Division
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Subdivision B—Remuneration of trustees
60 5 Trustee’s remuneration
60 10 Remuneration determinations—creditors or committee of inspection
60 11 Remuneration determinations—Inspector General
60 12 Remuneration determinations—general rules
60 15 Maximum default amount
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Subdivision E—Duties of trustees relating to remuneration and benefits etc.
60 20 Trustee must not derive profit or advantage from the administration of the estate
60 21 Inducements to be appointed as trustee
60 26 Payments in respect of performance by third parties
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Division 65—Funds handling
65 1 Simplified outline of this Division
65 5 Trustee must pay all money into the administration account
65 10 Administration accounts
65 15 Trustee must not pay other money into the administration account
65 20 Consequences for failure to pay money into administration account
65 25 Paying money out of administration account
65 31 Interest on administration account
65 32 Reconciliation of administration account
65 40 Handling securities
65 45 Handling of money and securities—Court directions
65 46 Review of payments to third parties
65 50 Rules in relation to consequences for failure to comply with this Division
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Division 70—Information
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Subdivision A—Introduction
70 1 Simplified outline of this Division
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Subdivision B—Annual administration return
70 5 Annual administration return
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Subdivision C—Record keeping
70 6 Subdivision applies to the Official Trustee
70 10 Administration books
70 11 Trustee’s books when trading
70 15 Audit of administration books—Inspector General
70 20 Audit of administration books—on order of the Court
70 25 Trustee to comply with auditor requirements
70 30 Transfer of books to new trustee
70 35 Retention, return or destruction of books
70 36 Return or destruction of irrelevant books
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Subdivision D—Giving information etc. to creditors and others
70 37 Subdivision applies to the Official Trustee
70 40 Right of creditors to request information etc. from trustee
70 45 Right of individual creditor to request information etc. from trustee
70 50 Reporting to creditors
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Subdivision E—Other requests for information etc.
70 51 Subdivision applies to the Official Trustee
70 55 Commonwealth may request information etc.
70 56 Right of regulated debtor to request information etc. from trustee
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Subdivision F—Reporting to the Inspector General
70 60 Insolvency Practice Rules may provide for reporting to Inspector General
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Subdivision G—Trustee may be compelled to comply with requests for information etc.
70 65 Application of this Subdivision
70 70 Inspector General may direct trustee to comply with the request for relevant material
70 75 Inspector General must notify trustee before giving a direction under section 70 70
70 80 Inspector General must not direct trustee to give the relevant material if trustee entitled not to comply with the request
70 85 Inspector General may impose conditions on use of the relevant material
70 90 Court may order relevant material to be given
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Division 75—Meetings of creditors
75 1 Simplified outline of this Division
75 2 Division applies to the Official Trustee
75 5 Other obligations to convene meetings not affected
75 10 Trustee may convene meetings
75 15 Trustee must convene meeting in certain circumstances
75 20 Trustee must convene meeting if required by the Inspector General
75 25 Trustee’s representative at meetings
75 30 Inspector General may attend meetings
75 35 Commonwealth may attend certain meetings etc.
75 40 Proposals to creditors without meeting
75 50 Rules relating to meetings
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Division 80—Committees of inspection
80 1 Simplified outline of this Division
80 2 Division applies to the Official Trustee
80 5 Application of sections 80 10 to 80 25
80 10 Committee of inspection
80 15 Appointment and removal of members of committee of inspection by creditors generally
80 20 Appointment of committee member by large creditor
80 25 Appointment of committee member by employees
80 30 Committees of inspection—procedures etc.
80 35 Functions of committee of inspection
80 40 Committee of inspection may request information etc.
80 45 Reporting to committee of inspection
80 50 Committee of inspection may obtain specialist advice or assistance
80 55 Obligations of members of committee of inspection
80 60 Obligations of creditor appointing a member of committee of inspection
80 65 The Inspector General may attend committee meetings
80 70 The Court may inquire into conduct of the committee
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Division 85—Directions by creditors
85 1 Simplified outline of this Division
85 2 Division applies to the Official Trustee
85 5 Trustee to have regard to directions given by creditors
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Division 90—Review of the administration of a regulated debtor’s estate
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Subdivision A—Introduction
90 1 Simplified outline of this Division
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Subdivision B—Court powers to inquire and make orders
90 2 Subdivision applies to the Official Trustee
90 5 Court may inquire on own initiative
90 10 Court may inquire on application of creditors etc.
90 15 Court may make orders in relation to estate administration
90 20 Application for Court order
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Subdivision C—Review by Inspector General
90 21 Review by Inspector General
90 22 Rules about reviews
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Subdivision D—Removal by creditors
90 30 Subdivision applies to the Official Trustee
90 35 Removal by creditors
Part 4—Other matters
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Division 95—Introduction
95 1 Simplified outline of this Part
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Division 96—Administrative review
96 1 Review by the Administrative Appeals Tribunal
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Division 100—Other matters
100 1 Division applies to the Official Trustee
100 5 Trustee may assign right to sue under this Act
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Division 105—The Insolvency Practice Rules
105 1 The Insolvency Practice Rules
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
