Bankruptcy Amendment Regulations 2003 (No. 1) (76 of 2003)

Schedule 1   Amendments

[11]   Schedule 6, Part 3, after item 9

insert

10 Section 181A (Streamlined method for replacing trustee)

10.1 Subsection 181A (1):

substitute

'(1) The current controlling trustee or the trustee of a deed of assignment, deed of arrangement or composition ( the nominating trustee ) may, with the written consent of another trustee (either a registered trustee or the Official Trustee), nominate the other trustee as the new trustee.'.

10.2 Subsection 181A (4):

substitute

'(4) If no creditor lodges a written notice of objection with the nominating trustee at least 2 days before the specified date, then the new trustee replaces the current trustee, on the date specified in the notice.'.