BANKRUPTCY ACT 1966 - NOTES

BANKRUPTCY ACT 1966 - NOTES

No. 33, 1966

Compilation No. 92

Compilation date: 1 January 2024

Includes amendments: Act No. 61, 2023

Registered: 22 January 2024

About this compilation

This compilation

This is a compilation of the Bankruptcy Act 1966 that shows the text of the law as amended and in force on 1 January 2024 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self-repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents

Part I--Preliminary

1 Short title

2 Commencement

4 Repeal

4A Insolvency Practice Schedule

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

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

Part II--Administration

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

Part III--Courts

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 dates relating to statements of affairs and debtor's petitions

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.

Part IV--Proceedings in connexion with bankruptcy

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

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

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

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

Division 3A--Acceptance of statements of affairs by Official Receiver

57B Acceptance of statements of affairs by Official Receiver

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

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

Part V--Control over person and property of debtors and bankrupts

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.

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

Division 3--Failure to comply with certain notices

81G Effect of non-compliance with notice

Part VI--Administration of property

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

Division 2--Order of payment of debts

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

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

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

Subdivision A--Preliminary

139J Objects of Division

Subdivision B--Interpretation

139K Definitions

Subdivision C--Income

139L Meaning of income

139M Derivation of income

139N Income varied by income tax payments and refunds and child support payments

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

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

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

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

Subdivision H--When contribution payable

139ZG Payment of contribution

139ZH If excess contribution paid

139ZI Notice of determinations

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

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

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

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

Part VII--Discharge and annulment

Division 1--Preliminary

148 Misleading conduct by bankrupt

Division 2--Discharge by operation of law

Subdivision A--Discharge after certain period

149 Automatic discharge

149A Bankruptcy extended when objection made

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

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

Division 4--Provisions applicable to all discharges

152 Discharged bankrupt to give assistance

153 Effect of discharge

Division 5--Annulment of bankruptcy

153A Annulment on payment of debts

153B Annulment by Court

154 Effect of annulment

Part VIII--Trustees

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

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

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

Part IX--Debt agreements

Division 1--Introduction

185 Definitions

185A Adequate and appropriate professional indemnity and fidelity insurance

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

Division 3--Making a debt agreement

185H Making a debt agreement

185I Parties to a debt agreement

185K Prevention of proceedings relating to debts

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

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

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

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

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

Division 8--Registration of debt agreement administrators etc.

Subdivision A--Introduction

186A Basic eligibility test

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

Subdivision BA--Insurance

186HA Registered debt agreement administrator to maintain insurance

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

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

Part X--Personal insolvency agreements

Division 1--Interpretation

187 Interpretation

187A Application of Part to joint debtors

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

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

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

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

Part XII--Unclaimed dividends or moneys

254 Payment of unclaimed moneys to the Commonwealth

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

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

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

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

Schedule 2--Insolvency Practice Schedule (Bankruptcy)

Part 1--Introduction

Division 1--Introduction

1-1 Object of this Schedule

1-5 Simplified outline of this Schedule

Division 5--Definitions

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

Division 10--Introduction

10-1 Simplified outline of this Part

10-5 Working cooperatively with ASIC

Division 15--Register of trustees

15-1 Register of Trustees

Division 20--Registering trustees

Subdivision A--Introduction

20-1 Simplified outline of this Division

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

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

Subdivision D--Renewal

20-70 Application for renewal

20-75 Renewal

Subdivision E--Offences relating to registration

20-80 False representation that a person is a registered trustee

Division 25--Insurance

25-1 Registered trustees to maintain insurance

Division 30--Annual trustee returns

30-1 Annual trustee returns

Division 35--Notice requirements

35-1 Notice of significant events

35-5 Notice of other events

Division 40--Disciplinary and other action

Subdivision A--Introduction

40-1 Simplified outline of this Division

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

Subdivision C--Automatic cancellation

40-20 Automatic cancellation

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

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

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

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

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

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

Division 55--Introduction

55-1 Simplified outline of this Part

Division 60--Remuneration and other benefits received by the trustee

Subdivision A--Introduction

60-1 Simplified outline of this Division

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

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

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

Division 70--Information

Subdivision A--Introduction

70-1 Simplified outline of this Division

Subdivision B--Annual administration return

70-5 Annual administration return

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

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

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

Subdivision F--Reporting to the Inspector-General

70-60 Insolvency Practice Rules may provide for reporting to Inspector -General

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

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

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

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

Division 90--Review of the administration of a regulated debtor's estate

Subdivision A--Introduction

90-1 Simplified outline of this Division

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

Subdivision C--Review by Inspector-General

90-21 Review by Inspector-General

90-22 Rules about reviews

Subdivision D--Removal by creditors

90-30 Subdivision applies to the Official Trustee

90-35 Removal by creditors

Part 4--Other matters

Division 95--Introduction

95-1 Simplified outline of this Part

Division 96--Administrative review

96-1 Review by the Administrative Appeals Tribunal

Division 100--Other matters

100-1 Division applies to the Official Trustee

100-5 Trustee may assign right to sue under this Act

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

Endnotes

Endnote 1--About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1--About the endnotes

Endnote 2--Abbreviation key

Endnote 3--Legislation history

Endnote 4--Amendment history

Abbreviation key--Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history--Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section  15V of the Legislation Act 2003.

If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.

Endnote 2--Abbreviation key

Endnote 3--Legislation history