Northern Territory Consolidated Acts Northern Territory Consolidated Acts47D. Conduct of business after bankruptcy, &c.
(1) Where a licensee becomes bankrupt, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors or makes an assignment of his property, interest or remuneration for the benefit of his creditors:
(a) he shall notify the Commission of that fact; and
(b) the person who is the trustee, assignee or other person in whom the estate of the licensee becomes vested may apply to the Commission for approval to conduct the business of the licensee.
(2) A notification or an application under subsection (1) shall be in a form approved by the Commission and lodged within 7 days after the licensee is declared bankrupt or makes an application to take the benefit of a law for the relief of bankrupt or insolvent debtors or makes an assignment of his property, interest or remuneration for the benefit of his creditors, as the case may be.