Bankruptcy Regulations 1996

PART 6 - ADMINISTRATION OF PROPERTY  

Division 2 - Property available for payment of debts  

REGULATION 6.03B   PROPERTY DIVISIBLE AMONG CREDITORS - PRESCRIBED AMOUNTS  

6.03B(1)    
For the purposes of subparagraph 116(2)(c)(i) of the Act, the maximum total value of a bankrupt's property that is for use by the bankrupt in earning income by personal exertion is:

(a) in the case of a bankruptcy occurring or continuing in the period commencing on the commencement date and ending at the end of 30 June 1997 - $2,600; or

(b) in the case of a bankruptcy occurring in a financial year commencing on 1 July 1997 or on 1 July of a subsequent year - the amount worked out in accordance with subregulation (2).

6.03B(2)    
For the purposes of subparagraph (1)(b), the applicable amount is:

(a) in the case of the financial year commencing on 1 July 1997 - $2,600 increased in accordance with the CPI rate for the financial year that commenced on 1 July 1996 and rounded down to the nearest multiple of $50; and

(b) in the case of a subsequent financial year - the amount worked out in accordance with this subregulation for the immediately preceding financial year, increased in accordance with the CPI rate for that financial year and rounded down to the nearest multiple of $50.

6.03B(3)    
For the purposes of paragraph 116(2)(ca) of the Act, the maximum aggregate value of property used by the bankrupt primarily as a means of transport is:

(a) in the case of a bankruptcy occurring or continuing in the period commencing on the commencement date and ending at the end of 30 June 1997 - $5,000; or

(b) in the case of a bankruptcy occurring in a financial year commencing on 1 July 1997 or on 1 July of a subsequent year - the amount worked out in accordance with subregulation (4).

6.03B(4)    
For the purposes of subparagraph (3)(b), the applicable amount is:

(a) in the case of the financial year commencing on 1 July 1997 - $5,000 increased in accordance with the CPI rate for the financial year that commenced on 1 July 1996 and rounded down to the nearest multiple of $50; and

(b) in the case of a subsequent financial year - the amount worked out in accordance with this subregulation for the immediately preceding financial year, increased in accordance with the CPI rate for that financial year and rounded down to the nearest multiple of $50.