BANKRUPTCY ACT 1966 - SECT 157 Appointment of trustees
BANKRUPTCY ACT 1966 - SECT 157
Appointment of trustees(1) Where a debtor becomes a bankrupt, the creditors may, if the Official Trustee is the trustee of the estate of the bankrupt, by resolution, at a meeting of creditors, appoint a registered trustee to the office of trustee of the estate of the bankrupt in place of the Official Trustee.
(2) The person (in this section referred to as the relevant trustee ) who is the trustee of the estate of a bankrupt at the time of an appointment, under subsection (1), of a registered trustee as the trustee, or as one of the trustees, of the estate shall, as early as practicable, notify the registered trustee, in writing, that he or she has been so appointed.
(3) If the registered trustee appointed under subsection (1) informs the relevant trustee in writing, within 10 days after he or she is notified by the relevant trustee of his or her appointment, that he or she accepts the office, the Official Receiver shall issue to him or her a certificate of appointment.
(4) The appointment of a trustee under subsection (1) takes effect from and including the date of the certificate of appointment issued by the Official Receiver.
(5) If the registered trustee appointed under subsection
(1) does not so inform the relevant trustee within 10 days after he or she is
notified by the relevant trustee of his or her appointment, he or she shall be
deemed to have declined the appointment, and the relevant trustee shall,
unless the resolution of creditors has made provision for the contingency,
convene another meeting of creditors as soon as practicable for the purpose of
appointing, under subsection (1), another registered trustee to the
office of trustee.