Bankruptcy Regulations 2021

PART 10 - PERSONAL INSOLVENCY AGREEMENTS  

SECTION 70   CERTIFICATE RELATING TO REALISATION OF DIVISIBLE PROPERTY AND NON-AVAILABILITY OF DIVIDEND  
Certificate to be given to debtor

70(1)    
If the trustee of a personal insolvency agreement in relation to a debtor is satisfied that:

(a)    the divisible property of the debtor has, so far as practicable, been realised; and

(b)    no dividend is payable to the creditors;

the trustee must give the debtor a certificate signed by the trustee to that effect.

70(2)    
The trustee must give the certificate to the debtor within 5 business days after becoming so satisfied.

70(3)    
In any proceeding, a certificate signed by the trustee under subsection (1):

(a)    is prima facie evidence of the matters stated in it; and

(b)    may be tendered in evidence without further proof.

Copy of certificate to be given to Official Receiver

70(4)    
If the trustee gives a certificate to the debtor under subsection 232(1) of the Act or subsection (1) of this section, the trustee must:

(a)    give a copy of the certificate to the Official Receiver; and

(b)    do so within 5 business days after giving the certificate.

Official Trustee not required to give copy

70(5)    
However, subsection (4) does not apply if the trustee is the Official Trustee.

Offence

70(6)    
A person commits an offence if:

(a)    the person is required to give a copy of a certificate to the Official Receiver in accordance with subsection (4); and

(b)    the person fails to comply with the requirement.

Penalty: 1 penalty unit.

70(7)    
An offence against subsection (6) is an offence of strict liability.