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This is a Bill, not an Act. For current law, see the Acts databases.
1996
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Bankruptcy
(Estate Charges) Bill 1996
No. ,
1996
(Attorney-General)
A
Bill for an Act to impose charges in relation to certain matters under the
Bankruptcy Act 1966
9613320—975/8.10.1996—(133/96) Cat.
No. 96 5233 7 ISBN 0644 47811X
Contents
A Bill for an Act to impose charges in relation to
certain matters under the Bankruptcy Act 1966
The Parliament of Australia enacts:
This Act may be cited as the Bankruptcy (Estate Charges) Act
1996.
(1) Subject to subsection (2), this Act commences on a day to be fixed by
Proclamation.
(2) If this Act does not commence within 6 months after the day on which
this Act receives the Royal Assent, it commences on the first day after the end
of that period.
This Act binds the Crown in right of the Commonwealth. However, it does
not bind the Crown in right of a State, of the Australian Capital Territory, of
the Northern Territory or of Norfolk Island.
(1) In this Act:
charge period means:
(a) a period of 6 months commencing on 1 November 1996 or 1 November
in a later year; or
(b) a period of 6 months commencing on 1 May 1997 or 1 May in a later
year.
(2) Unless the contrary intention appears, other expressions used in this
Act have the same meanings as in the Bankruptcy Act 1966.
(1) An amount of interest to which a trustee is entitled, in his or her
personal capacity, under subsection 169(1B) of the Bankruptcy Act 1966 is
payable to the Commonwealth as a charge.
(2) In subsection (1), the reference to subsection 169(1B) of the
Bankruptcy Act 1966 includes a reference to that subsection as applied by
the following provisions of that Act:
(a) section 210 (which applies section 169 to a controlling trustee under
Division 2 of Part X of that Act);
(b) subsection 231(4) (which applies section 169 to a deed of
assignment);
(c) subsection 237(4) (which applies section 169 to a deed of
arrangement);
(d) subsection 243(3) (which applies section 169 to a
composition);
(e) subsection 248(1) (which applies section 169 to administration of
estates under Part XI of that Act).
(3) The charge is payable by the trustee.
(4) The charge is payable within 21 days after the end of the charge
period in which the interest was paid.
(1) A charge, calculated in accordance with sections 7 and 8, is imposed
in respect of amounts received by a trustee (including the Official Trustee)
who, during a charge period:
(a) is the trustee of the estate of a bankrupt under the Bankruptcy Act
1966; or
(b) is controlling trustee in relation to a debtor whose property has
become subject to control under Division 2 of Part X of the Bankruptcy Act
1966; or
(c) is the trustee of a deed of assignment or deed of arrangement
executed, or a composition accepted, in relation to a debtor under Part X of the
Bankruptcy Act 1966; or
(d) is the trustee of the estate of a deceased person under Part XI of the
Bankruptcy Act 1966.
(2) The charge is payable by the trustee to the Commonwealth.
(3) The charge is payable within 21 days after the end of the charge
period.
(1) The amount of charge payable for a charge period is an amount equal
to:
(a) 8% of the amount on which charge is payable for the period;
or
(b) if a different percentage is prescribed by the regulations—the
prescribed percentage of the amount on which charge is payable for the
period.
(2) The Governor-General may make regulations prescribing a rate for the
purposes of paragraph (1)(b). The rate prescribed must not be higher than
15%.
(1) The amount on which charge is payable for a charge
period is the amount realised less the permitted deductions.
(2) The amount realised is the total amount received by the
trustee in the capacity referred to in subsection 6(1) during the charge period,
but not including:
(a) amounts paid to the trustee by creditors under an indemnity in respect
of costs; or
(b) amounts paid to the trustee under section 305 of the Bankruptcy Act
1966.
(3) The permitted deductions are all amounts paid by the
trustee in the capacity referred to in subsection 6(1) during the charge period
that are:
(a) amounts paid by the trustee in carrying on the business of the
bankrupt, deceased person or debtor; or
(b) amounts paid to secured creditors.
(4) Once an amount has been taken into account for the purposes of
subsection (2) as an amount received, the whole or part of the amount is not to
be taken into account again as an amount received for the purposes of another
application of that subsection.