BANKRUPTCY ACT 1966 - SECT 281 Late payment penalty--interest charge and realisations charge
BANKRUPTCY ACT 1966 - SECT 281
Late payment penalty--interest charge and realisations charge(1) If any interest charge or realisations charge remains unpaid after the time for payment of the charge, the person liable to pay the charge is liable to pay to the Commonwealth a late payment penalty calculated from that time at the rate of 20% per year on the amount unpaid.
(2) The person liable to pay late payment penalty is personally
liable to pay the penalty and is not entitled to be reimbursed in respect of
the penalty out of the bankrupt's estate, the deceased person's estate
or the debtor's property, as the case may be.