Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 5C

Associated entities: natural persons

             (1)  For the purposes of this Act, a natural person (in this section called the associate ) is associated with another person if the other person:

                     (a)  holds property jointly with the associate; or

                     (b)  is a trustee of a trust under which the associate is capable of benefiting; or

                    (ba)  can benefit under a trust of which the associate is a trustee; or

                     (c)  is employed, or is engaged under a contract for services, by the associate; or

                     (d)  acts as agent for the associate in any transaction or dealing; or

                    (da)  is a principal for whom the associate acts as an agent; or

                     (e)  is an attorney of the associate under a power of attorney; or

                      (f)  has appointed the associate as the other person's attorney under a power of attorney; or

                     (g)  gives professional advice to the associate; or

                     (h)  is given professional advice by the associate.

             (2)  A natural person (the associate ) is also associated with another person if the associate has acquired or disposed of property as a result of dealing with the other person.

             (3)  The circumstances set out in subsections (1) and (2) are the only circumstances in which a natural person is associated with another person for the purposes of this Act.



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