House of Representatives

Explanatory Memorandum

(Circulated by authority of the Attorney-General, the Honourable Daryl Williams AM QC MP)

Section 3 - Notes on sections and Schedule items

Section 1 - Short Title

59 The Bankruptcy Legislation Bill Amendment 2002 (the Bill) proposes amendments to the Bankruptcy Act 1966 (the Act). By proposed section 1, when the Bill has been enacted, it will be known as the Bankruptcy Legislation Amendment Act 2002.

Section 2 - Commencement

60 In accordance with the table in proposed section 2, proposed sections 1 to 3 and anything in the Bill not elsewhere covered in that table will commence on the day of Royal Assent. Proposed Schedule 1 will commence on a day to be fixed by Proclamation. If the proclaimed day has a date more than 6 months after the day of Royal Assent, the Schedule 1 provisions will commence on the first day after the end of that 6 months period.

Section 3 - Schedule

61 Proposed section 3 is a drafting device to allow all the amendments proposed to be made to the Bankruptcy Act 1966 to be set out in a Schedule. The items in the Schedule will amend the Act and will have effect according to their terms. Notes on the Schedule items follow and include notes on transitional and application items.