PART X
-
PERSONAL INSOLVENCY AGREEMENTS
History
Pt X heading substituted by No 80 of 2004, s 3 and Sch 1 item 44, effective 1 December 2004. No 80 of 2004, s 3 and Sch 1 items 212, 213 and 215 contained the following transitional provisions:
212 Transitional
-
pre-commencement deeds and compositions
(1)
For the purposes of this item, if a deed of assignment or a deed of arrangement was executed by a debtor and a trustee under Part X of the
Bankruptcy Act 1966
before 1 December 2004, the deed is a
pre-commencement deed
.
(2)
For the purposes of this item, if a composition was accepted before 1 December 2004 by a special resolution of a meeting of creditors under section 204 of the
Bankruptcy Act 1966
, the composition is a
pre-commencement composition
.
(3)
Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a)
the
Bankruptcy Act 1966
and regulations under that Act; and
(b)
the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c)
a pre-commencement deed; and
(d)
a pre-commencement composition; and
(e)
any matter connected with, or arising out of:
(i)
a pre-commencement deed; or
(ii)
a pre-commencement composition;
as if those repeals had not happened and those amendments had not been made.
213 Transitional
-
pre-commencement authorities
(1)
For the purposes of this item, if:
(a)
an authority given by a debtor under section 188 of the
Bankruptcy Act 1966
became effective before 1 December 2004; and
(b)
as at 1 December 2004, none of the following had happened:
(i)
the execution by the debtor and the trustee of a deed of assignment under Part X of the
Bankruptcy Act 1966
;
(ii)
the execution by the debtor and the trustee of a deed of arrangement under Part X of the
Bankruptcy Act 1966
;
(iii)
the acceptance of a composition by a special resolution of a meeting of the debtor
'
s creditors under section 204 of the
Bankruptcy Act 1966
;
the authority is a
pre-commencement authority
.
(2)
Despite the repeals and amendments made by Parts 1 and 2 of this Schedule:
(a)
the
Bankruptcy Act 1966
and regulations under that Act; and
(b)
the Acts amended by Part 2 of this Schedule;
continue to apply, in relation to:
(c)
a pre-commencement authority; and
(d)
the control of the debtor
'
s property following a pre-commencement authority becoming effective; and
(e)
a meeting of the debtor
'
s creditors called under a pre-commencement authority; and
(f)
whichever of the following is applicable:
(i)
a deed of assignment executed after 1 December 2004 by the debtor and the trustee under Part X of the
Bankruptcy Act 1966
in accordance with a special resolution of such a meeting;
(ii)
a deed of arrangement executed after 1 December 2004 by the debtor and the trustee under Part X of the
Bankruptcy Act 1966
in accordance with a special resolution of such a meeting;
(iii)
a composition accepted after 1 December 2004 by a special resolution of such a meeting; and
(g)
any other matter connected with, or arising out of:
(i)
a pre-commencement authority; or
(ii)
a deed of assignment mentioned in subparagraph (f)(i); or
(iii)
a deed of arrangement mentioned in subparagraph (f)(ii); or
(iv)
a composition mentioned in subparagraph (f)(iii);
as if those repeals had not happened and those amendments had not been made.
…
215 Transitional
-
regulations
(1)
The regulations may make provision for matters of a transitional nature arising from the amendments made by Parts 1 and 2 of this Schedule.
(2)
The Governor-General may make regulations for the purposes of subitem (1).
Part X heading formerly read:
PART X
-
ARRANGEMENTS WITH CREDITORS WITHOUT SEQUESTRATION
Division 1
-
Interpretation
SECTION 187
INTERPRETATION
187(1)
In this Part, unless the contrary intention appears:
composition
(Repealed by No 80 of 2004)
History
Definition of
"
composition
"
repealed by No 80 of 2004, s 3 and Sch 1 item 45, effective 1 December 2004. For transitional provisions, see note under Part X heading. The definition formerly read:
composition
means an arrangement (not being an arrangement entered into for the purposes of a proclaimed law) by which the creditors of a debtor:
(a)
agree to accept payment of the debts due to them by instalments; or
(b)
agree to accept, in full satisfaction of the debts due to them, less than the full amount of those debts, whether in the form of money or other property and whether by instalments or otherwise;
controlling trustee
,
in relation to a debtor whose property is subject to control under Division 2, means the person who is the controlling trustee under section
188
or
192
.
History
Definition of
"
controlling trustee
"
inserted by No 44 of 1996, Sch 1, Pt 1(321).
debtor
means a person who is insolvent.
History
Definition of
"
debtor
"
amended by No 44 of 1996, Sch 1, Pt 1(322).
deed of arrangement
(Repealed by No 80 of 2004)
History
Definition of
"
deed of arrangement
"
repealed by No 80 of 2004, s 3 and Sch 1 item 46, effective 1 December 2004. For transitional provisions, see note under Part X heading. The definition formerly read:
deed of arrangement
means a deed (not being a deed of assignment, a deed in respect of a composition or a deed executed for the purposes of a proclaimed law) providing for the arrangement of the affairs of a debtor with a view to the payment, in whole or in part, of his or her debts;
deed of assignment
(Repealed by No 80 of 2004)
History
Definition of
"
deed of assignment
"
repealed by No 80 of 2004, s 3 and Sch 1 item 47, effective 1 December 2004. For transitional provisions, see note under Part X heading. The definition formerly read:
deed of assignment
means a deed by which a debtor assigns all his or her divisible property for the benefit of his or her creditors;
divisible property
,
in relation to a personal insolvency agreement executed by a debtor, means the property, other than property that was acquired by, or devolved on, the debtor on or after the day on which he or she executed the agreement, that would be divisible amongst his or her creditors under Part
VI
if he or she had become a bankrupt on that day.
History
Definition of
"
divisible property
"
amended by No 80 of 2004, s 3 and Sch 1 items 48 and 49, by substituting
"
personal insolvency agreement
"
for
"
deed of assignment
"
and substituting
"
the agreement
"
for
"
the deed
"
, effective 1 December 2004. For transitional provisions, see note under Part X heading.
the controlling trustee
(Omitted by No 44 of 1996, Sch 1, Pt 1(323).)
the Registrar
(Omitted by No 44 of 1996, Sch 1, Pt 1(324).)
History
S 187(1) amended by No 122 of 1970, s 9; No 12 of 1980, s 100.
187(1A)
Without limiting the definition of
debtor
in subsection (1), a reference in this Part to a debtor shall, unless the contrary intention appears, be read as including a reference to a person who is for the time being insolvent, even if the person may ultimately cease to be insolvent.
History
S 187(1A) inserted by No 12 of 1980, s 100; amended by No 44 of 1996, Sch 1, Pt 1(325).
187(2)
In this Part, a reference, in relation to a personal insolvency agreement, to a provable debt shall be read as a reference to a debt or liability that would have been a provable debt in the debtor
'
s bankruptcy if the debtor had become a bankrupt on the day on which he or she executed the personal insolvency agreement.
History
S 187(2) amended by No 80 of 2004, s 3 and Sch 1 items 50 and 51, by substituting
"
personal insolvency agreement
"
for
"
deed or a composition
"
and substituting
"
personal insolvency agreement
"
for
"
deed or on which the special resolution accepting the composition was passed, as the case may be
"
, effective 1 December 2004. For transitional provisions, see note under Part X heading.
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