Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 (44 of 2007)

Schedule 2   Amendments commencing on 1 July 2007

Bankruptcy Act 1966

62   Section 185Y

Repeal the section, substitute:

185Y Money received by administrator to be held on trust

(1) If the administrator of a debt agreement receives money from the debtor under the agreement, the money is taken to have been received by the administrator on trust to be dealt with in the way specified in the debt agreement.

(2) Subsection (1) does not apply to a person if the person is both the debtor under, and the administrator of, the debt agreement.