Bankruptcy Regulations 2021

SCHEDULE 3 - MODIFICATIONS IN RELATION TO PART X OF THE ACT  

PART 5 - MODIFICATIONS UNDER SUBSECTION 231(3) OF THE ACT - PERSONAL INSOLVENCY AGREEMENTS  

Note:

34   At the end of section 134  
Add:

(4)
If a personal insolvency agreement provides for the business of the debtor to be assigned to the trustee, the agreement may:

(a) authorise the trustee to carry on a business of a debtor; and

(b) specify the period during which, and the conditions (if any) subject to which, the trustee may carry on the business.

(5)
The creditors may vary or terminate an authority under subsection (4) by passing a special resolution to that effect at a meeting.

(6)
This section extends only in relation to property of the debtor that is subject to the personal insolvency agreement.