Bankruptcy Act 1966
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Part VIII of the Act is modified by inserting Division 1A before Division 1:
]Division 1A - Interpretation
SECTION 154A INTERPRETATION
154A
In this Part, in its application to Part X , a reference to a registered trustee includes a reference to a controlling trustee and a trustee of a personal insolvency agreement.
Where a debtor becomes a bankrupt, the creditors may, if the Official Trustee is the trustee of the estate of the bankrupt, by resolution, at a meeting of creditors, appoint a registered trustee to the office of trustee of the estate of the bankrupt in place of the Official Trustee.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 157(1) of the Act is modified by substituting the subsection:
]
157(1)
If:
(a) the Official Trustee is:
(i) under section 188 or 192 , the controlling trustee in relation to a debtor; or
(ii) under Part X , the trustee of a personal insolvency agreement; and
(b) the creditors wish to appoint, in place of the Official Trustee:
(i) a registered trustee or a solicitor as the controlling trustee; or
(ii) a registered trustee as the trustee of the personal insolvency agreement;the creditors may do so by resolution at a meeting of creditors.
View history note
Hide history note157(2)
The person (in this section referred to as the relevant trustee ) who is the trustee of the estate of a bankrupt at the time of an appointment, under subsection (1), of a registered trustee as the trustee, or as one of the trustees, of the estate shall, as early as practicable, notify the registered trustee, in writing, that he or she has been so appointed.
157(3)
If the registered trustee appointed under subsection (1) informs the relevant trustee in writing, within 10 days after he or she is notified by the relevant trustee of his or her appointment, that he or she accepts the office, the Official Receiver shall issue to him or her a certificate of appointment.
157(4)
The appointment of a trustee under subsection (1) takes effect from and including the date of the certificate of appointment issued by the Official Receiver.
157(5)
If the registered trustee appointed under subsection (1) does not so inform the relevant trustee within 10 days after he or she is notified by the relevant trustee of his or her appointment, he or she shall be deemed to have declined the appointment, and the relevant trustee shall, unless the resolution of creditors has made provision for the contingency, convene another meeting of creditors as soon as practicable for the purpose of appointing, under subsection (1), another registered trustee to the office of trustee.
157(6)
(Repealed by No 11 of 2016)
157(7)
(Repealed by No 11 of 2016)
157(7A)
(Repealed by No 11 of 2016)
157(8)
(Repealed by No 11 of 2016)
157(9)
(Repealed by No 11 of 2016)
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.
