Bankruptcy Act 1966
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View history notePt IX - Debt agreements inserted by No 44 of 1996, Sch 1, Pt 1(320).
Pt IX - Small Bankruptcies repealed by No 12 of 1980, s 99.
Div 3A inserted by No 44 of 2007, s 3 and Sch 2 item 43, applicable in relation to: (a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and (b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
A person who is:
(a) either:
(i) a registered debt agreement administrator; or
(ii) a registered trustee; and
(b) the administrator of one or more debt agreements;
must pay all money received by the person from debtors under those debt agreements to the credit of a single interest-bearing bank account that:
(c) bears:
(i) the person ' s own name; and
(ii) the words " - Debt Agreement Administration Trust Account " ; and
(d) complies with such other requirements (if any) as are specified in the regulations.
185LD(2)
The person must only pay into the account money received by the person from debtors under debt agreements.
185LD(2A)
The person must not pay any money out of the account otherwise than:
(a) for purposes related to the administration of debt agreements; or
(b) in accordance with this Act; or
(c) in accordance with a direction of the Court.
S 185LD(2A) inserted by No 118 of 2018, s 3 and Sch 2 item 29, applicable in relation to: (a) debt agreements that come into force on or after 27 June 2019; and (b) debt agreements that were in force immediately before 27 June 2019.
185LD(3)
The person is entitled, in his or her personal capacity, to each payment of interest on the account, less an amount equal to the bank fees or charges (if any) paid or payable on the account during the period to which the interest relates.
185LD(4)
Interest on money in the account is not subject to taxation under a law of the Commonwealth, a State or a Territory except as provided in Part 2 of the Bankruptcy (Estate Charges) Act 1997 .
S 185LD inserted by No 44 of 2007, s 3 and Sch 2 item 43, applicable in relation to:
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