Bankruptcy Act 1966
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Hide history notePt VII heading inserted by No 9 of 1992, s 27.
Div 3 repealed by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 127 and 206, applicable to bankruptcies for which the date of the bankruptcy is after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
Div 3 heading inserted by No 9 of 1992, s 27.
Subdiv C repealed by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 item 127, effective 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A. Subdiv C formerly read:
Subdivision C - Criteria of eligibility for early discharge
SECTION 149T ELIGIBILITY TO APPLY FOR EARLY DISCHARGEHistorySubdiv C heading inserted by No 9 of 1992, s 27.
149T
A bankrupt is eligible to apply for early discharge if, and only if:
(a) when the bankrupt applies for discharge:
(i) there is no money available to pay, or insufficient money available to pay in full, the remuneration and expenses of the trustee; or
(ii) there is no money available to pay a dividend to the bankrupt ' s creditors; and
(b) either:
(i) the bankrupt has not, whether before, on or after the date of the bankruptcy, entered into a transaction that is void against the trustee; or
(ii) the bankrupt has entered into such a transaction but, if the trustee were to take action to avoid the transaction, the action would not result in a dividend being paid to the bankrupt ' s creditors; and
(c) the income that the bankrupt is likely to derive during the period of one year beginning at the time when the application is made will not exceed the actual income threshold amount applicable in relation to the bankrupt at that time.SECTION 149U LACK OF DIVISIBLE PROPERTYHistoryS 149T inserted by No 9 of 1992, s 27.
149U(1)
The trustee may determine the matters referred to in subparagraphs 149T(a)(i) and (ii) on the basis of the information provided to the trustee by the bankrupt whether in the bankrupt ' s statement of affairs or otherwise.
149U(2)
The trustee may also have regard to any other information in the possession of the trustee but is not required to seek any such information.
SECTION 149V TRANSACTIONS VOID AGAINST TRUSTEEHistoryS 149U inserted by No 9 of 1992, s 27.
149V(1)
The trustee may determine the matter referred to in subparagraph 149T(b)(i) on the basis of the information provided to the trustee by the bankrupt whether in the bankrupt ' s statement of affairs or otherwise.
149V(2)
The trustee may also have regard to any other information in the possession of the trustee but is not required to seek any such information.
149V(3)
In determining the matter referred to in subparagraph 149T(b)(ii), the trustee may take into account:
(a) the likely costs of a proceeding to avoid a transaction; and
(b) whether the trustee has any money available to meet those costs; and
(c) whether any creditor has given money to the trustee, or has given an indemnity to the trustee, in respect of those costs.
149V(4)
In any proceedings, a certificate signed by the trustee stating that, if the trustee were to take action to avoid a particular transaction, the action would not result in a dividend being paid to the bankrupt ' s creditors is proof of the fact stated unless it is established that there are reasonable grounds for believing that the taking of that action would result in such a dividend being paid.
149V(5)
In any proceedings, unless the contrary is established, a document purporting to be a certificate referred to in subsection (4) is taken to be such a certificate and to have been duly given.
SECTION 149W INCOME OF BANKRUPTHistoryS 149V inserted by No 9 of 1992, s 27.
149W
The trustee may determine the income that the bankrupt is likely to derive as mentioned in paragraph 149T(c) on the basis of any information provided to the trustee by the bankrupt or any other person or any other information in the possession of the trustee.HistoryS 149W inserted by No 9 of 1992, s 27.
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