BANKRUPTCY.

No. 17 of 1930.

An Act to amend the Bankruptcy Act 1924–1929.

[Assented to 18th July, 1930.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.)   This Act may be cited as the Bankruptcy Act 1930.

(2.)  The Bankruptcy Act 1924-1929 is in this Act referred to as the Principal Act.

(3.)  The Principal Act, as amended by this Act, may be cited as the Bankruptcy Act 1924–1930.

Saving of rights under State Acts.

2.    Section six of the Principal Act is amended by inserting in paragraph (b), after the words “Insolvency Act”, the words “or instituted after the commencement of this Act in relation to any such proceedings,”.

Bankruptcy Courts.

3.    Section eighteen of the Principal Act is amended—

(a) by inserting, after sub-section (1.), the following sub-section:—

“(1a.) The jurisdiction of the Federal Court of Bankruptcy may be exercised by any Judge or Judges thereof.”; and

(b) by omitting sub-section (3.).

4.    After section eighteen of the Principal Act, the following sections are inserted:—

Constitution of Federal Court of Bankruptcy.

“18a.   There shall be a Federal Court of Bankruptcy, which shall be a Court of Record, and shall consist of a Judge or Judges, not more than two in number, who may be appointed by the Governor-General by Commission.

Qualification of Judges.

“18b.   The qualification of a Judge of the Federal Court of Bankruptcy shall be as follows:—He must either be or have been a Judge of a Federal Court or of the Supreme Court of a State, or be or have been a practising barrister or solicitor of the High Court or of the Supreme Court of a State, of not less than five years’ standing.

Salary and pension

“18c.—(l.)   If a person appointed a Judge of the Federal Court of Bankruptcy was, immediately prior to his appointment, a Judge of a Federal Court, he shall receive the same salary as he received as a Judge of that Federal Court, and on retirement shall be entitled to the same pension as that to which he would have been entitled if his service as Judge of the Federal Court of Bankruptcy were a continuation of his service as Judge of that Federal Court.

“(2.)    The said salary and pension shall be payable by virtue of this Act, and the Consolidated Revenue Fund is to the necessary extent hereby appropriated accordingly.

Travelling allowances.

“18d.   There shall be paid to each Judge of the Federal Court of Bankruptcy, on account of his expenses in travelling to discharge the duties of his office, such sums as are considered reasonable by the Governor-General.”.

Bankrupt’s property divisible amongst creditors.

5.  Section ninety-one of the Principal Act is amended by inserting in paragraph (e), after the word “registered” (first occurring), the words “and kept registered”.

Bar to proceedings under Part XII.

6.  Section one hundred and fifty-eight of the Principal Act is amended by adding at the end thereof the following words “, except by resolution passed, at any meeting of creditors duly convened, by a majority in number and value present thereat either in person or by proxy, and assented to by the debtor”.

7.    After section one hundred and ninety-seven of the Principal Act, the following section is inserted—

Power to Court to dismiss bankruptcy petition founded on execution of deed of arrangement.

“197a.   If the debtor has made a conveyance or assignment of his property under a deed of arrangement to a trustee for the benefit of his creditors generally, and the same has been registered in accordance with the provisions of this Part, the trustee shall, in the event of a bankruptcy petition being presented against the debtor founded on the execution of the deed or on any other act committed by the debtor in the course or for the purpose of the proceedings preliminary to the execution of the deed as an act of bankruptcy, receive from the Registrar a notice of the hearing, and may appear and show cause for the dismissal of the petition, and if it appears to the Court that it will be for the advantage of the creditors that the estate should be administered under the deed the petition may be dismissed.”.