Commonwealth Numbered Acts

COMMONWEALTH FUNCTIONS (STATUTES REVIEW) ACT 1981 No. 74 of 1981 - SECT 129

129. (1) Section 57 of the Principal Act is amended -

(a) by omitting from sub-section (4) "Where" and substituting "Subject to
sub-section (5A), where";

   (b)  by inserting after sub-section (5) the following sub-section:



"(5A) The Registrar shall not, under sub-section (4), accept a petition
presented to him under this section, being a petition other than a petition
that is required to be referred to the Court under sub-section (5), and the
Court shall not, under sub-section (5), direct the Registrar to accept a
petition, unless -

   (a)  a registered trustee has, under sub-section 156A (1), consented to act
        as the trustee of the joint and separate estates of the petitioning
        debtors; or

   (b)  if paragraph (a) does not apply -

        (i)    it appears to the Registrar, or to the Court, as the case may
               be, that the value of the property comprising the joint estate
               of the petitioning debtors that would be divisible amongst the
               creditors by virtue of section 116 if the petition were to be
               accepted (but not including any property acquired by or
               devolving on the petitioning debtors jointly after the
               acceptance of the petition that would be so divisible) is less
               than $10,000, or, if another amount is for the time being
               prescribed for the purposes of this sub-paragraph, that other
               amount; or

        (ii)   the petitioning debtors satisfy the Registrar, or the Court, as
               the case may be, that they have in all the circumstances of the
               case, taken all reasonable steps to obtain from registered
               trustees a consent under sub-section 156A (1) in respect of
               their joint and separate estates but have been unable to obtain
               any such consent."; and

   (c)  by omitting from sub-section (6) "Official Receiver" (wherever
        occurring) and substituting "trustee".

(2) Notwithstanding the amendments of section 57 of the Principal Act made by
sub-section (1) of this section, the provisions of that section of the
Principal Act continue to apply, after the commencement of this section, in
relation to a petition presented under that section of the Principal Act
before the commencement of this section as if those amendments had not been
made.