Bankruptcy Act 1966
If a person has received any money or property as a result of a transaction that is void against the trustee of a bankrupt under Division 3 , the Official Receiver: (a) if the Official Trustee is the trustee - on the initiative of the Official Receiver; or (b) if a registered trustee is the trustee - on application by the trustee;
may require the person, by written notice given to the person, to pay to the trustee an amount equal to whichever of the following is applicable:
(c) if:
(i) the transaction is void against the trustee under section 128B or 128C ; and
(ii) the transaction is by way of a contribution to an eligible superannuation plan for the benefit of a person (the beneficiary ) who may or may not be the bankrupt; and
whichever is the lesser of the following:
(iii) the beneficiary is a member of the eligible superannuation plan;
(iv) the money or the value of the property received;
(d) in any other case - the money or the value of the property received.
(v) the beneficiary ' s withdrawal benefit in relation to the eligible superannuation plan;
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 139ZQ(1) of the Act is modified by substituting " personal insolvency agreement because of the application of any of sections 120 to 125 " for " bankrupt under Division 3 " .]
139ZQ(2)
The notice must set out the facts and circumstances because of which the Official Receiver considers that the transaction is void against the trustee.
139ZQ(3)
The notice may: (a) require the amount to be paid at a time or within a period set out in the notice; or (b) require the amount to be paid at such times, and in such instalments, as are set out in the notice.
139ZQ(4)
After the Official Receiver has given a notice to a person under subsection (1) , the Official Receiver may at any time, by a further notice given to the person, revoke or amend the first-mentioned notice.
139ZQ(5)
If the Official Receiver gives a notice under this section, the Official Receiver must send a copy of the notice to the bankrupt and, if a registered trustee is the trustee, to the trustee.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 139ZQ(5) of the Act is modified by substituting " legal personal representative of the deceased debtor " for " bankrupt " .]
139ZQ(6)
A notice to be given under this section to the Commonwealth, a State or a Territory, or to an authority of the Commonwealth, of a State or of a Territory, is taken to be duly given if it is given to a person who, by any law, regulation, appointment or authority, has the function of paying, or in fact pays, money on behalf of a Department of the Commonwealth, of that State or of that Territory, or on behalf of the authority, as the case may be.
139ZQ(7)
If a person is required by a notice under this section to pay to the trustee the value of any property, the requirement is taken to be complied with if the property is transferred to the trustee.
139ZQ(8)
An amount payable by a person to the trustee under this section is recoverable by the trustee as a debt by action against the person in a court of competent jurisdiction.
139ZQ(9)
For the purposes of subparagraph (1)(c)(ii) , disregard a benefit that is payable in the event of the death of a person.
139ZQ(10)
In this section:
contribution
has the same meaning as in Subdivision
B
of Division
3
.
eligible superannuation plan
has the same meaning as in Subdivision
B
of Division
3
.
member
of an eligible superannuation plan has the same meaning as in Subdivision
B
of Division
3
.
withdrawal benefit
has the same meaning as in Subdivision
B
of Division
3
.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 139ZQ(10) of the Act is modified by inserting the definition:
]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.
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.