Bankruptcy Act 1966
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Hide history noteA bankrupt to whom the supervised account regime applies must not enter into a non-monetary income receipt arrangement.
139ZIHA(2)Subsection (1) does not apply if the bankrupt enters into the non-monetary income receipt arrangement in accordance with the consent of the trustee under subsection (5).
139ZIHA(3) Bankrupt not to participate in existing arrangements.
If a bankrupt was participating in a non-monetary income receipt arrangement immediately before becoming a bankrupt to whom the supervised account regime applies, the bankrupt must, as soon as practicable after becoming such a bankrupt, cease to participate in the arrangement.
139ZIHA(4)Subsection (3) does not apply if the bankrupt continues to participate in the non-monetary income receipt arrangement in accordance with the consent of the trustee under subsection (5).
139ZIHA(5) Consent.
The trustee may, by written notice given to the bankrupt:
(a) consent to the bankrupt entering into:
(i) a specified non-monetary income receipt arrangement; or
(ii) non-monetary income receipt arrangements included in a specified class of non-monetary income receipt arrangements; or
(b) consent to the bankrupt continuing to participate in:
(i) a specified non-monetary income receipt arrangement; or
139ZIHA(6)
(ii) non-monetary income receipt arrangements included in a specified class of non-monetary income receipt arrangements.
The trustee may, by written notice given to the bankrupt, vary or revoke a consent.
139ZIHA(7)
The powers conferred on the trustee by subsections (5) and (6) may be exercised:
(a) on his or her own initiative; or
(b) on the application of the bankrupt.
139ZIHA(8)
If, following the bankrupt ' s application, the trustee refuses to exercise a power conferred by subsection (5) or (6), the trustee must give the bankrupt written notice of the refusal.
139ZIHA(9) Offence.
A person commits an offence if:
(a) the person is subject to a requirement under subsection (1) or (3); and
(b) the person engages in conduct; and
(c) the person ' s conduct breaches the requirement.
Penalty for contravention of this subsection: Imprisonment for 12 months.
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