Commonwealth Consolidated Regulations Commonwealth Consolidated RegulationsStatutory Rules 1996 No. 263 as amended
This compilation was prepared on 1 July 2007
taking into account amendments up to SLI 2007 No. 138
Prepared by the Office of
Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra
Contents
Part 1 Preliminary
1.01 Name of Regulations [see Note 1] 13
1.02 Commencement 13
1.03 Interpretation 13
1.04 Application of Criminal Code 16
Part 2 Administration
2.01 Section 20J of the Act -- prescribed rate of interest on moneys in Common Fund 17
Part 3 Courts
3.01 Paragraph 29 (5) (b) of the Act -- prescribed countries 18
Part 4 Proceedings in connexion with bankruptcy
Division 1 Bankruptcy notices
4.01 Application for bankruptcy notice 19
4.02 Form of bankruptcy notices 20
4.02A Service of bankruptcy notices 20
4.03 Inspection of bankruptcy notices 20
4.04 Judgment or order in foreign currency 21
Division 2 Petitions
4.05 Copy of petition, etc to be given to Official Receiver 22
4.06 Control of debtor's property before sequestration 22
4.07 Expenses of trustee before sequestration 22
4.08 Application for damages where petition dismissed 23
4.09 Subsection 50 (5) of the Act -- prescribed modifications of applied provisions 24
4.10 Acceptance of debtor's declaration 25
4.11 Prescribed information to be supplied by Official Receiver to debtor 25
4.12 Debtor's petition -- filing of trustee's consent 26
4.13 Notice to partners of referral to Court of petition by other partners against the partnership 26
Division 3 Miscellaneous
4.14 Notification by trustee to creditors 27
4.15 Exercise of proxy by trustee's representative at meeting 27
4.16 Lodgment of proxies by fax -- section 64M of the Act 27
4.17 Inspection and copying of composition or scheme of arrangement 28
4.18 Proposal and report for a composition or arrangement 28
4.19 Meetings of creditors -- modification of Division 5 of Part IV of the Act 28
Part 5 Control over person and property of debtors and bankrupts
5.01 Where debtor or bankrupt is arrested 29
Part 6 Administration of property
Division 1 Order of payment of debts
6.01 Priority payments under section 109 of the Act -- prescribed matters 30
6.02 Maximum amount payable to employee 30
Division 2 Property available for payment of debts
6.03 Household property 31
6.03A Personal property 33
6.03B Property divisible among creditors -- prescribed amounts 33
Division 2A Rural support schemes
6.04A Prescribed rural support schemes (Act s 116) 34
6.04B Prescribed rural support schemes (Act s 116) 35
Division 4 Undervalued transactions
6.09 Transfers exempt from being void against trustee 35
Division 5 Realisation of property
6.10 Disclaimer of onerous property 36
Division 6 Definition of income (Act s 139L)
5> 6.11 Interpretation 36
6.12 Fringe benefits: modification of the FBTA Act 36
6.12A Restart scheme payments 38
6.12B Superannuation contributions 38
6.12C Family assistance and social security payments 39
6.12D Primary Industry rural support scheme 40
Division 7 Contributions by bankrupt
6.13 Interpretation 40
6.14 Contributions by bankrupt -- modes of payment 40
6.15 Contributions where bankrupt dies 41
6.15A Contribution assessment -- income of dependant 41
6.17 Certificate of outstanding contribution 41
6.18 Discharged bankrupt to give information if contribution unpaid 42
Division 8 Notice under section 139ZL of the Act
6.19 Notice under section 139ZL of the Act not to refer to protected money 43
6.20 Notice under section 139ZL of the Act (notice of ceasing or commencing employment) 43
Division 9 Distribution of property
6.21 Minimum amount of dividend 44
6.22 Manner of declaring final dividend 44
Part 7 Discharge and annulment
7.01 Trustee to inform the Official Receiver of return of bankrupt to Australia 45
7.01A Grounds of objection -- failure to provide complete and accurate information 45
7.02 Trustee to inform the Official Receiver of cancellation of objection 46
Part 8 Trustees
Division 1 Application for registration, or extension of registration, as a trustee
8.01 Documents to accompany application for registration 47
8.02 Qualifications, experience, knowledge and abilities of applicants 48
8.03 Subsection 155C (2) of the Act -- prescribed particulars of applicant for registration as a trustee 49
8.04 Extension of registration -- proof of insurance 50
Division 1A Change in trustee's particulars
8.04A Trustee to notify change in particulars 50
Division 2 Registration of trustees
Subdivision 1 Preliminary
8.05 Definitions 50
Subdivision 2 Constitution and procedure of committees generally
8.05A Chairperson of a committee 51
8.05B Trustee chosen by the Insolvency Practitioners Association of Australia 51
8.05C Resignation of chairperson 51
8.05D Resignation of members 51
8.05E Disclosure of interests 51
8.05F Removal of members from a committee 52
8.05G Convening of a replacement committee 52
8.05H General procedures of a committee 53
8.05I Procedure at committee meetings 53
8.05J Resolutions without meeting 53
Subdivision 3 Inquiries and interviews
8.05K Inquiries by the committee 54
8.05L Notice of interview 55
8.05M Applicant interviews 55
8.05N Report of committee decision 56
Subdivision 4 Other matters
8.05O Confidentiality 56
8.05P Evidence of proceedings at committee meetings 56
Division 3 Consent to act, and appointment, as trustee of estate
8.06 Consent to act as trustee -- subsection 156A (1) of the Act 57
8.06A Certificate of appointment under subsection 156A (3) of the Act 57
Division 4 Trustee's remuneration
8.07 Fixed remuneration -- prescribed rates under subsections 162 (2) and (3) of the Act 57
8.08 Other remuneration -- prescribed rate under subsection 162 (4) of the Act 58
8.09 Taxation of trustee's remuneration and costs -- preliminary 58
8.10 Bill of costs 59
8.11 Taxation -- hearing 60
8.11A Costs of taxation 60
8.12 Remuneration of trustees -- notices 61
Division 5 Registered trustee ceasing to be trustee of an estate
8.13 Notice of removal of trustee of estate 61
8.14 Notice of finalisation of administration; entry on the Index 62
Division 6 Variation and termination of registration
Subdivision 1 Preliminary
8.15 Definitions 63
8.16 Documents to accompany application for change or removal of conditions 63
Subdivision 2 Constitution and procedure of committees generally
8.17 Chairperson of a committee 63
8.18 Trustee chosen by the Insolvency Practitioners Association of Australia 63
8.19 Resignation of chairperson 64
8.20 Resignation of members 64
8.21 Disclosure of interests 64
8.22 Removal of members from a committee 65
8.23 Convening of a replacement committee 65
8.24 General procedures of a committee 66
8.25 Procedure at committee meetings 66
8.26 Resolutions without meeting 66
Subdivision 3 Inquiries and interviews
8.27 Inquiries by the committee 67
8.28 Notice of interview (Act s 155E (6)) 67
8.29 Change of conditions on practising as a registered trustee -- interview 68
8.30 Involuntary termination of registration -- interview 69
8.31 Report of committee decision 69
Subdivision 4 Other committee‑related matters
8.32 Confidentiality 70
8.33 Evidence of proceedings at committee meetings 70
8.34 Time for deciding matters (Act s 155I (1)) 70
Subdivision 4A Standards for trustees
8.34A Performance standards for trustees (including controlling trustees) 70
Subdivision 5 Controlling trustees other than Official Trustee or registered trustees
8.35 Eligibility of controlling trustees, other than Official Trustee or registered trustees 71
8.36 Review by Tribunal of determination under subregulation 8.35 (2) 72
8.37 Official Trustee to perform duties 72
Part 9 Debt agreements
9.01 Prescribed information to be supplied to the debtor 73
9.02 Qualifications of applicants 74
Part 10 Personal insolvency agreements
10.01 Modifications of Part X of the Act -- joint debtors 75
10.02 Information to be given to debtor (Act ss 188 (2AA) and (2AB)) 75
10.03 Documents under section 188 of Act 76
10.04 Documents for meeting called under an authority under section 188 of the Act 76
10.05 Modifications of Division 5 of Part IV of the Act -- meetings called under authorities under section 188 of the Act 77
10.06 Controlling trustee to give Official Receiver copy of special resolution and certain particulars for the Index 78
10.07 Modifications of Part VIII of the Act -- controlling trustees and trustees of personal insolvency agreements 78
10.08 Modifications of Division 1 of Part V of the Act -- debtors whose property is subject to control under Division 2 of Part X of the Act 79
10.09 Meeting if trustee does not execute personal insolvency agreement 79
10.10 Notification of personal insolvency agreement 79
10.11 Sequestration order, or order terminating or setting aside a personal insolvency agreement -- notice to Official Receiver (Act s 221, s 222 and s 222C) 80
10.12 Termination of personal insolvency agreement by trustee (Act s 222A) 80
5> 10.13 Modifications of Parts V and VI of the Act -- personal insolvency agreements 81
10.14 Certificate relating to realisation of divisible property and non‑availability of dividend 81
Part 11 Administration of estates of deceased persons in bankruptcy
11.01 Statement of affairs and of administration of estate 82
11.02 Modifications of the Act -- administration of estates of deceased persons 83
Part 12 Unclaimed dividends or moneys
12.01 Statement where moneys are paid to the Commonwealth 84
Part 13 National Personal Insolvency Index
Division 1 Preliminary
13.01 Interpretation 85
13.02 Establishment and maintenance of the National Personal Insolvency Index 85
Division 2 Information to be entered on the Index
13.03 What information is to be entered on the Index? 85
13.04 Application for certain information not to be on the Index 88
13.05 Application to the AAT 89
Division 3 Miscellaneous
13.06 Inspection of the Index 89
13.07 Extract, etc of the Index to be admissible in evidence 90
13.08 Immunity from defamation 90
13.09 Access to the Index 91
13.10 Information extracted from the Index to be evidence 91
Part 14 Offences under the Act
14.01 Apprehension under a warrant -- notification to Registrar in certain cases 92
14.02 Registrar to act on notification; direction to person executing warrant 92
Part 15A Provisions relating to the Bankruptcy Charges Acts
15A.01 Interpretation 93
15A.02 Mode of payment 93
15A.03 Overpayments to be refunded or offset 93
15A.04 Information to accompany payment of interest charge 94
15A.05 Information to accompany payment of realisations charge 94
15A.07 Lodgment of request for remission 94
Part 16 Miscellaneous
Division 1 Provisions concerning documents (including inventories)
16.01 Service of documents 95
16.02 Documents for the Inspector‑General, the Official Receiver or the Official Trustee 96
16.03 Inventory by trustee taking possession of, or attaching, property 97
16.03A Document filed by Inspector‑General or Official Receiver -- fee not payable 97
Division 2 Matters relevant to fees
16.06 Payment of fees 97
16.07 Official Trustee's entitlement to interim remuneration 98
16.08 Reimbursement of Official Trustee for expenses 98
16.09 Fees -- notes and transcript of evidence 99
16.11 Waiver or remission of fees by Inspector‑General 99
16.12 Review by AAT of decision of Inspector‑General 100
Schedule 1 Forms 101
Form 1 Bankruptcy Notice 101
Schedule 2 Modifications under section 76A of the Act -- meetings of creditors under Division 6 of Part IV of the Act 107
64AA Immunity from civil actions and proceedings 108
11A After subsection 64ZC (5) 113
Schedule 3 Paragraph 109 (1) (a) of the Act -- order of payment of first priority debts 114
Schedule 4 Modifications of the Fringe Benefits Tax Assessment Act 1986 116
Schedule 4A Performance standards for trustees (including controlling trustees) 127
Part 1 Preliminary 127
1.1 Purpose 127
1.2 Definitions 128
Part 2 General standards 129
Division 2.1 Application 129
2.1 Application of Part 2 129
Division 2.2 General 129
2.2 Duty to act honestly and impartially 129
2.3 Conflict of interest 129
2.4 Use of information relating to an administration 130
2.5 Compliance with standards by trustee's employees 130
2.6 Preliminary inquiries and actions 130
2.7 Investigation of matters affecting administration 131
Division 2.3 Assets 132
2.8 Realising assets 132
2.9 Ownership or interests in assets 132
2.10 Obtaining advice about interest or value 132
2.11 Disposal of property 132
2.12 Records 132
Division 2.4 Remuneration and costs 133
2.13 Costs incurred to be necessary and reasonable 133
2.14 Receipt of moneys as trustee's remuneration 133
2.15 Rate for tasks undertaken by trustee's staff 133
2.16 Records 134
Division 2.5 Files and access to information 134
2.17 File maintenance 134
2.18 Provision of information to creditors 134
Division 2.6 Meetings of creditors 134
2.19 Need for meeting 134
2.20 Matters to be considered when holding a meeting 135
2.21 Attendance at meeting 135
2.22 President's duties at creditors' meeting 135
2.23 Attendance of Inspector-General at meetings 136
Division 2.7 Trustee's accounts 136
2.24 Records of accounts 136
2.25 Verifying payments and transfers 136
2.26 Cash book 136
Part 3 Standards for trustees other than controlling trustees 137
Division 3.1 Application 137
3.1 Application of Part 3 137
Division 3.2 Reporting to creditors 137
3.2 Notification of administration 137
Division 3.3 Creditors' claims 138
3.3 Provable debts in a joint administration 138
3.4 Evidence relating to proof of debt 138
3.5 Evidence of liability for debt 138
Division 3.4 Distribution of dividends 139
3.6 Creditors' views to be considered 139
3.7 Distribution of estate funds 139
3.8 Advice relating to dividends and administration 139
3.9 Records 139
Part 4 Standards for trustees of bankrupt estates 140
Division 4.1 Application 140
4.1 Application of Part 4 140
Division 4.2 Assets 140
4.2 Identifying assets for vesting 140
4.3 Protecting certain assets 141
Division 4.3 Contributions 141
4.4 Application of Division 4.3 141
4.5 Income and contribution assessment 141
4.6 Monitoring payment of contributions 141
Part 5 Standards for controlling trustees 142
5.1 Application of Part 5 142
5.2 Notification of administration 142
5.3 Investigating debtor's property and income 142
5.4 Report to creditors 143
5.5 Records 143
5.6 Voting at creditors' meeting 143
Schedule 6 Modifications in relation to Part X of the Act 144
Part 1 Modifications of Part X of the Act -- joint debtors 144
Part 2 Modifications of Division 5 of Part IV of the Act -- meetings called under authorities under section 188 of the Act 148
Part 3 Modifications of Part VIII of the Act -- controlling trustees and trustees of personal insolvency agreements 153
Part 4 Modifications of Division 1 of Part V of the Act -- debtors whose property is subject to control under Division 2 of Part X of the Act 156
Part 5 Modification under subsection 231 (1) of the Act -- personal insolvency agreements 157
Part 6 Modifications under subsection 231 (3) of the Act -- personal insolvency agreements 157
Part 7 Modification under subsection 231 (5) of the Act -- trustees of personal insolvency agreements 163
Schedule 7 Modifications under Part XI of the Act -- administration of estates of deceased persons 164
Schedule 8 Information on the National Personal Insolvency Index 189
Notes 206
Notes to the Bankruptcy Regulations 1996
Note 1
The Bankruptcy Regulations 1996 (in force under the Bankruptcy Act 1966) as shown in this compilation comprise Statutory Rules 1996 No. 263 amended as indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional provisions see Table A.
Under the Legislative Instruments Act 2003, which came into force on 1 January 2005, it is a requirement for all non‑exempt legislative instruments to be registered on the Federal Register of Legislative Instruments. From 1 January 2005 the Statutory Rules series ceased to exist and was replaced with Select Legislative Instruments (SLI series). Numbering conventions remain the same, ie Year and Number.
Table of Instruments
|
Year and |
Date of notification |
Date of |
Application, saving or |
|
1996 No. 263 |
11 Dec 1996 |
16 Dec 1996 |
|
|
1996 No. 278 |
12 Dec 1996 |
16 Dec 1996 |
-- |
|
1997 No. 76 |
14 Apr 1997 |
Rr. 18.1, 29 and 30: |
R. 40 |
|
1997 No. 325 |
28 Nov 1997 |
1 Dec 1997 |
-- |
|
2000 No. 140 |
28 June 2000 |
1 July 2000 |
-- |
|
2000 No. 220 |
17 Aug 2000 |
1 July 2000 |
-- |
|
2001 No. 262 |
5 Oct 2001 |
5 Oct 2001 |
-- |
|
2002 No. 255 |
6 Nov 2002 |
6 Nov 2002 |
-- |
|
2003 No. 76 |
2 May 2003 |
5 May 2003 |
-- |
|
2004 No. 256 |
26 Aug 2004 |
1 Dec 2004 (see r. 2 and Gazette 2004, No. GN34) |
-- |
|
2005 No. 218 |
7 Oct 2005 (see F2005L02918) |
8 Oct 2005 (see r. 2 (a)) |
-- |
|
2006 No. 4 |
16 Feb 2006 (see F2006L00521) |
17 Feb 2006 |
Rr. 4-6 (see Table A) |
|
2006 No. 50 |
17 Mar 2006 (see F2006L00820) |
27 Mar 2006 (see r. 2) |
-- |
|
2006 No. 137 |
23 June 2006 (see F2006L01854) |
1 July 2006 |
-- |
|
2007 No. 91 |
26 Apr 2007 (see F2007L01128) |
27 Apr 2007 (see r. 2) |
-- |
|
2007 No. 138 |
13 June 2007 (see F2007L01540) |
Rr. 1-4 and Schedule 1:
14 June 2007 |
R. 4 |