Bankruptcy Act 1966
Where: (a) the property of a bankrupt includes rights in respect of industrial property; and (b) the bankrupt is liable to pay royalties or a share of profits to a person in respect of those rights;
the trustee is not entitled:
(c) to exercise those rights except upon condition that he or she pays to that person such sums by way of royalty or share of profits as would have been payable by the bankrupt; or (d) without the consent of that person or of the Court, to assign or transfer, or grant any licence or permission in respect of, those rights, except upon terms that will secure to that person payments by way of royalty or share of profits at a rate not less than that at which the bankrupt was liable to pay.[ 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 138(1) of the Act is modified by substituting para (a) and (b), substituting " the debtor " for " the bankrupt " in para (c) and (d), substituting " an estate of a deceased debtor " for " a bankrupt " in para (a) and substituting " estate " for " bankrupt " in para (b), (c) and (d):
]
(a) the property of a debtor that is subject to a personal insolvency agreement includes rights in respect of industrial property; and
(b) the debtor is liable to pay royalties or a share of profits to a person in respect of those rights;
138(2)
In this section:
(a) the copyright in any work;
(b) a patent in respect of an invention;
(c) a registered trade mark; or
(d) the copyright in a registered design.
registered design
means a design registered under a law of the Commonwealth relating to industrial designs.
registered trade mark
means a trade mark registered under a law of the Commonwealth relating to trade marks.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
