PART X
-
PERSONAL INSOLVENCY AGREEMENTS
History
Pt X heading substituted by No 80 of 2004, s 3 and Sch 1 item 44, effective 1 December 2004. No 80 of 2004, s 3 and Sch 1 items 212, 213 and 215 contained the following transitional provisions:
212 Transitional
-
pre-commencement deeds and compositions
(1)
For the purposes of this item, if a deed of assignment or a deed of arrangement was executed by a debtor and a trustee under Part X of the
Bankruptcy Act 1966
before 1 December 2004, the deed is a
pre-commencement deed
.
(2)
For the purposes of this item, if a composition was accepted before 1 December 2004 by a special resolution of a meeting of creditors under section 204 of the
Bankruptcy Act 1966
, the composition is a
pre-commencement composition
.
(3)
Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a)
the
Bankruptcy Act 1966
and regulations under that Act; and
(b)
the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c)
a pre-commencement deed; and
(d)
a pre-commencement composition; and
(e)
any matter connected with, or arising out of:
(i)
a pre-commencement deed; or
(ii)
a pre-commencement composition;
as if those repeals had not happened and those amendments had not been made.
213 Transitional
-
pre-commencement authorities
(1)
For the purposes of this item, if:
(a)
an authority given by a debtor under section 188 of the
Bankruptcy Act 1966
became effective before 1 December 2004; and
(b)
as at 1 December 2004, none of the following had happened:
(i)
the execution by the debtor and the trustee of a deed of assignment under Part X of the
Bankruptcy Act 1966
;
(ii)
the execution by the debtor and the trustee of a deed of arrangement under Part X of the
Bankruptcy Act 1966
;
(iii)
the acceptance of a composition by a special resolution of a meeting of the debtor
'
s creditors under section 204 of the
Bankruptcy Act 1966
;
the authority is a
pre-commencement authority
.
(2)
Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a)
the
Bankruptcy Act 1966
and regulations under that Act; and
(b)
the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c)
a pre-commencement authority; and
(d)
the control of the debtor
'
s property following a pre-commencement authority becoming effective; and
(e)
a meeting of the debtor
'
s creditors called under a pre-commencement authority; and
(f)
whichever of the following is applicable:
(i)
a deed of assignment executed after 1 December 2004 by the debtor and the trustee under Part X of the
Bankruptcy Act 1966
in accordance with a special resolution of such a meeting;
(ii)
a deed of arrangement executed after 1 December 2004 by the debtor and the trustee under Part X of the
Bankruptcy Act 1966
in accordance with a special resolution of such a meeting;
(iii)
a composition accepted after 1 December 2004 by a special resolution of such a meeting; and
(g)
any other matter connected with, or arising out of:
(i)
a pre-commencement authority; or
(ii)
a deed of assignment mentioned in subparagraph (f)(i); or
(iii)
a deed of arrangement mentioned in subparagraph (f)(ii); or
(iv)
a composition mentioned in subparagraph (f)(iii);
as if those repeals had not happened and those amendments had not been made.
…
215 Transitional
-
regulations
(1)
The regulations may make provision for matters of a transitional nature arising from the amendments made by Parts 1 and 2 of this Schedule.
(2)
The Governor-General may make regulations for the purposes of subitem (1).
Part X heading formerly read:
PART X
-
ARRANGEMENTS WITH CREDITORS WITHOUT SEQUESTRATION
Division 2
-
Meeting of creditors and control of debtor
'
s property
SECTION 189
CONTROL OF PROPERTY OF A DEBTOR WHO HAS GIVEN AUTHORITY UNDER SECTION 188
189(1)
[Subject to control]
When an authority given by a debtor under section
188
becomes effective, the property of the debtor becomes subject to control under this Division.
History
S 189(1) amended by No 21 of 1985, s 32; substituted by No 44 of 1996, Sch 1, Pt 1(333).
189(1A)
[When control ends]
The control continues until one of the following events happens:
(a)
the creditors resolve at a meeting called under this Part that the property cease to be subject to control;
(b)
the debtor and a trustee execute a personal insolvency agreement following a special resolution of creditors;
(c)
(Repealed by No 80 of 2004)
(d)
4 months pass since the authority under section
188
became effective;
(e)
the Court, under section
208
, releases the property from control;
(f)
the debtor becomes a bankrupt;
(g)
the debtor dies.
History
S 189(1A) amended by No 80 of 2004, s 3 and Sch 1 item 56, by substituting para (b) for paras (b) and (c), effective 1 December 2004. For transitional provisions, see note under Part X heading. Paras (b) and (c) formerly read:
(b)
the debtor and a trustee make a deed of assignment or a deed of arrangement following a special resolution of creditors;
(c)
the creditors accept a composition under this Division;
S 189(1A) inserted by No 44 of 1996, Sch 1, Pt 1(333).
189(1B)
[Notification]
The trustee must notify the Official Receiver in writing within 7 days after the trustee becomes aware that the control has ended because of an event specified in subsection (1A).
History
S 189(1B) inserted by No 131 of 2002, s 3 and Sch 1 items 170 and 234, applicable in cases where the control ends after 5 May 2003.
189(2)
[Limitations on debtor
'
s rights]
A debtor whose property is subject to control under this Division:
(a)
shall not remove, dispose of or deal with any of his or her property except with the consent of the controlling trustee;
(b)
shall furnish to the controlling trustee such information with respect to any of the debtor
'
s examinable affairs as the controlling trustee requires; and
(c)
shall comply with any direction given to him or her by the controlling trustee with respect to his or her property or affairs.
Penalty: Imprisonment for 12 months.
History
S 189(2) amended by No 119 of 1987, s 63(1).
189(3)
[Effect of contravention of subsec (2)]
A disposal of, or dealing with, property by a debtor in contravention of subsection (2) is not invalid by reason only of that contravention.
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