Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsections 54D (1), 55 (3A), 56B (5) and 57 (3A) of the Act, the following information is prescribed:
(a) information about alternatives to bankruptcy;
(b) information about the consequences of bankruptcy;
(c) information about sources of financial advice and guidance to persons facing or contemplating bankruptcy;
(d) information about a debtor's right to choose whether the bankruptcy is administered by a registered trustee or the Official Trustee;
(e) a statement that it is an act of bankruptcy for a debtor to present to the Official Receiver, under section 54A of the Act, a declaration of intention to present a debtor's petition.
(2) The information must be factual and objective.
(3) The Official Receiver must not accept a debtor's petition under section 55, 56B or 57 of the Act unless the debtor has given to the Official Receiver a signed acknowledgement (which may be included in or appended to the petition) that the debtor has received and read the prescribed information.
(4) If the debtor presents a petition without having given the acknowledgement, the Official Receiver must:
(a) if the debtor presents the petition in person -- give the prescribed information to the debtor; or
(b) if the debtor presents the petition by post -- post the prescribed information to the debtor.
(5) Where a person intending to present a petition ('the intending petitioner') is unable to properly read the petition, prescribed information and acknowledgement ('the relevant material') because he or she is:
(a) blind, partially sighted, illiterate or partially literate; or
(b) insufficiently familiar with the English language;
the petition and acknowledgement may be signed by another person if that person signs a statement:
(c) where paragraph (a) applies -- that he or she has carefully read the relevant material to the intending petitioner; or
(d) where paragraph (b) applies -- that he or she has carefully interpreted the relevant material to the intending petitioner in a language with which both persons are familiar.