Bankruptcy Act 1966
Subject to this Act, the trustee may do all or any of the following things: (a) sell all or any part of the property of the bankrupt; (aa) accept, without terms or conditions, or subject to terms and conditions, a sum of money payable at a future time as the consideration or part of the consideration for the sale of any property of the bankrupt; (ab) lease any property of the bankrupt; (ac) divide among the creditors, in its existing form and according to its estimated value, property that, by reason of its peculiar nature or other special circumstances, cannot readily or advantageously be sold; (b) carry on a business of the bankrupt so far as may be necessary to dispose of it or wind it up for the benefit of creditors; (c) postpone the winding-up of the estate; (d) prove in respect of any debt due to the bankrupt; (da) mortgage or charge any of the property of the bankrupt for the purpose of raising money for the payment of the debts provable in the bankruptcy; (e) compromise any debt claimed to be due to the bankrupt or any claim by the bankrupt; (f) make a compromise with a creditor or a person claiming to be a creditor in respect of a debt provable, or claimed to be provable, in the bankruptcy; (g) make a compromise in respect of any claim arising out of the administration of the estate of the bankrupt, whether the claim is made by or against the trustee; (h) deal with property to which the bankrupt is beneficially entitled as tenant in tail in the same manner as the bankrupt could deal with it if he or she were not a bankrupt; (i) obtain such advice or assistance as he or she considers desirable relating to the administration of the estate or to the conduct or affairs of the bankrupt; (ia) refer any dispute to arbitration; (j) bring, institute or defend any action or other legal proceeding relating to the administration of the estate; (k) execute powers of attorney, deeds or other instruments for the purpose of carrying the provisions of this Act into effect; and (m) employ the bankrupt:
(i) to superintend the management of the whole, or a part, of the property of the bankrupt;
(ii) to carry on the bankrupt ' s trade or business for the benefit of the bankrupt ' s creditors; or
and, in consideration of the bankrupt ' s services, make such allowance to the bankrupt out of the estate as the trustee considers reasonable;
(iii) to assist in any other way in administering the property of the bankrupt;
(ma) make such allowance out of the estate as he or she thinks just to the bankrupt, the spouse or de facto partner of the bankrupt or the family of the bankrupt;
Note:
See also subsection 5(6) .
(n) superintend the management of the whole, or a part, of the property of the bankrupt; (o) administer the property of the bankrupt in any other way.[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 134(1) of the Act is modified by inserting para (ba), substituting " estate of the deceased debtor " for " bankrupt " in para (a), (aa), (ab) and (da), substituting " in the administration of the deceased debtor ' s estate " for " in the bankruptcy " in para (da), substituting " deceased debtor ' s estate " for " bankrupt " (wherever occurring) in para (e), substituting " in the administration of the deceased debtor ' s estate " for " in the bankruptcy " in para (f), substituting " deceased debtor " for " bankrupt " in para (g), substituting para (h), substituting " deceased debtor " for " bankrupt " in para (i), substituting " the legal personal representative of the deceased debtor " for " the bankrupt " (first occurring) in para (m), substituting " the estate of the deceased debtor " for " the bankrupt " in para (m)(i), substituting " estate ' s " for " bankrupt ' s " (wherever occurring) in para (m)(ii), substituting " estate " for " bankrupt " in para (m)(iii), substituting " services of the legal personal representative of the deceased debtor, pay such remuneration to the legal personal representative for " bankrupt ' s services, make such allowance to the bankrupt " in para (m), substituting para (ma) and substituting " the estate of the deceased debtor " for " the bankrupt " in para (n) and (o):
]
(ba) carry on a business of the debtor in accordance with an authorisation given under subsection (4) ;
(h) deal with property to which the estate of the deceased debtor is beneficially entitled as tenant in tail in the same manner as the legal personal representative of the deceased debtor could deal with it if the estate were not being administered under Part XI ;
(ma) pay such remuneration out of the estate of the deceased debtor as the trustee thinks fit to the legal personal representative of the deceased debtor.
View history note
Hide history note134(1A)
An allowance made to the bankrupt in pursuance of paragraph (1)(m) may be reduced by the Court upon the application of an interested person.
[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 134(1A) of the Act is modified by substituting " Remuneration paid to the legal personal representative of the deceased debtor " for " An allowance made to the bankrupt " .]
134(2) - (2A)
(Omitted by No 44 of 1996, Sch 1, Pt 1(240).)
134(3)
Subject to this Act, the trustee may use his or her own discretion in the administration of the estate.
134(4)
(Repealed by No 11 of 2016)
[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Section 134 of the Act is modified by inserting the subsections:
134(4)
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.
134(5)
The creditors may vary or terminate an authority under subsection (4) by passing a special resolution to that effect at a meeting.
134(6)
and/or:
]
134(4)
In this section:legal personal representative
, of a deceased debtor, means:
(a) the executor under the deceased debtor ' s will; or
(b) the administrator under letters of administration or court order;of the deceased debtor ' s estate, or a part of that estate.
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