Bankruptcy Regulations 1996

SCHEDULE 6 - MODIFICATIONS IN RELATION TO PART X OF THE ACT  

(regulations 10.01 , 10.05 , 10.07 , 10.08 and 10.13 )

PART 6 - MODIFICATIONS UNDER SUBSECTION 231(3) OF THE ACT - PERSONAL INSOLVENCY AGREEMENTS  

5   After subsection 134(4)  

5	insert
	(5)	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.
	(6)	The creditors may vary or terminate an authority under subsection (5) by passing a special resolution to that effect at a meeting called for the purpose.
	(7)	This section extends only in relation to property of the debtor that is subject to the personal insolvency agreement.