Bankruptcy Regulations 2021

PART 4 - PROCEEDINGS IN CONNECTION WITH BANKRUPTCY  

Division 1 - Bankruptcy notices  

SECTION 12   JUDGMENT OR ORDER IN FOREIGN CURRENCY  

12(1)    
This section applies in relation to a bankruptcy notice issued by the Official Receiver in relation to a debtor if the notice includes a final judgment, or final order, that is expressed in an amount of foreign currency (whether or not the judgment or order is also expressed in an amount of Australian currency).

12(2)    
The bankruptcy notice must include the following:

(a)    a statement to the effect that the debtor must pay:

(i) the amount of foreign currency; or

(ii) the equivalent amount of Australian currency;

(b)    the conversion calculation for the equivalent amount of Australian currency;

(c)    a statement to the effect that the conversion of the amount of foreign currency into the equivalent amount of Australian currency has been made in accordance with this section.

12(3)    
For the purposes of subparagraph (2)(a)(ii), the equivalent amount of Australian currency is the amount worked out using the rate of exchange for the foreign currency published by the Reserve Bank of Australia in relation to the day that is 2 business days before the day on which the application for the notice is made.

Note:

The Reserve Bank of Australia exchange rates could in 2021 be viewed on the Reserve Bank of Australia ' s website (http://www.rba.gov.au).