Bankruptcy Act 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 2 - Order of payment of debts  

Subdivision B - The effect of proceeds of crime orders and applications for proceeds of crime orders  

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History

Subdiv B heading inserted by No 86 of 2002, s 3 and Sch 4 item 15, effective 1 January 2003.

Act No 86 of 2002 contained the following application provision:

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Subdivision B of Division 2 of Part VI of the Bankruptcy Act 1966 applies, in relation to:

(a) a proceeds of crime order; or

(b) an application for a proceeds of crime order;

made after the commencement of this Schedule, to any bankruptcy, even if the date of bankruptcy is before that commencement.

SECTION 114A   THE EFFECT OF PROCEEDS OF CRIME ORDERS  

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114A(1)   [Restraining or forfeiture order]  

If property of a bankrupt is covered by a restraining order, or a forfeiture order, made on or after the date of the bankruptcy, proceeds of property that is covered by the order must not be applied under Subdivision A while that property is so covered.

114A(2)   [Pecuniary penalty order]  

If a pecuniary penalty order is made against a bankrupt on or after the date of the bankruptcy, proceeds of any of the property of the bankrupt must not be applied under Subdivision A while the order is in force.

Note:

For proceeds of crime orders made before the date of the bankruptcy, see section 58A.

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History

S 114A inserted by No 86 of 2002, s 3 and Sch 4 item 15, commenced 1 January 2003.

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