Bankruptcy Regulations 2021

PART 12 - UNCLAIMED DIVIDENDS OR MONEY  

SECTION 72   STATEMENT WHERE MONEY PAID TO THE COMMONWEALTH  
Statement about payment to Commonwealth of unclaimed money

72(1)    
If a trustee (within the meaning of section 254 of the Act) pays money to the Commonwealth under subsection 254(2) of the Act, the trustee must:

(a)    give to the Official Receiver a statement in the approved form setting out the name and address of the following:

(i) the trustee;

(ii) unless subparagraph (iii) applies - the relevant bankrupt or debtor;

(iii) if the trustee is a trustee of the estate of a deceased person - the deceased person;

(iv) each person who, so far as the trustee is aware, is entitled to the money or any part of it; and

(b)    do so at the time of payment.

Note:

Payments to the Commonwealth under subsection 254(2) of the Act are made to the Official Receiver on behalf of the Commonwealth.

Official Trustee not required to give statement about payment to Commonwealth of unclaimed money

72(2)    
However, subsection (1) does not apply if the trustee is the Official Trustee.

Statement about payment to Commonwealth following withdrawal of creditor ' s petition

72(3)    
If a registered trustee pays money to the Commonwealth under subsection 254(2A) of the Act, the registered trustee must:

(a)    give to the Official Receiver a statement in the approved form setting out the name and address of:

(i) the payer; and

(ii) each person who, so far as the registered trustee is aware, is entitled to the money or any part of it; and

(b)    do so at the time of payment.

Note:

Payments to the Commonwealth under subsection 254(2A) of the Act are made to the Official Receiver on behalf of the Commonwealth.

Offence

72(4)    
A person commits an offence if:

(a)    the person is required to give a statement to the Official Receiver under subsection (1) or (3); and

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

Penalty: 1 penalty unit.

72(5)    
An offence against subsection (4) is an offence of strict liability.