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BANKRUPTCY ACT 1966 - SECT 301 Certain provisions in contracts etc. to be void

BANKRUPTCY ACT 1966 - SECT 301

Certain provisions in contracts etc. to be void

  (1)   A provision in a contract or agreement for the sale of property, in a lease of property, in a hire - purchase agreement, in a licence or in a PPSA security agreement to the effect that:

  (a)   the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or

  (b)   the operation of the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement is to be modified; or

  (c)   property to which the contract, agreement, lease, hire - purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party;

if the purchaser, lessee, hirer, licensee or PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.

  (2)   This section extends to contracts, agreements, leases, hire - purchase agreements and licences entered into or granted before the commencement of this Act.

  (2A)   This section extends to a PPSA security agreement entered into at or after the time this subsection commences.

Note:   This subsection commenced at the registration commencement time within the meaning of section   306 of the Personal Property Securities Act 2009 .

  (3)   In this section:

"lease" includes an agreement for a lease.

"lessee" includes a person who has agreed to take a lease.

"lessor" includes a person who has agreed to grant a lease.