Bankruptcy Act 1966

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 2 - Meeting of creditors and control of debtor ' s property

SECTION 190 DUTIES AND POWERS OF CONTROLLING TRUSTEE

190(1)
The controlling trustee must call a meeting of the debtor ' s creditors under this Division.

View history note

190(2)
The controlling trustee is empowered:

(a) to take immediate control of the debtor ' s property and affairs;

(b) to make such inquiries and investigations in connexion with the debtor ' s property and examinable affairs as the trustee considers necessary;

(c) to carry on a business of the debtor if, in the opinion of the trustee, it will be in the interests of the creditors to do so; and

(d) to deal with the debtor ' s property in any way that will, in the opinion of the trustee, be in the interests of the creditors.

View history note

190(3)
(Omitted by No 44 of 1996, Sch 1, Pt 1(338).)

190(3A)
For the purpose of exercising the powers conferred by subsection (2), a trustee may, with the consent in writing of the debtor, obtain such advice or assistance as the trustee considers desirable.

View history note

190(4)
For the purposes of exercising his or her powers under this section, the trustee may act in the name of the debtor as if he or she had been duly appointed by the debtor to be his or her lawful attorney to exercise those powers.

190(4A)
(Repealed by No 11 of 2016)

View history note

190(4B)
(Repealed by No 11 of 2016)

View history note

190(5)

View history reference

In this section, debtor ' s property , in relation to a debtor who has given an authority under section 188 , means the property of the debtor that would be divisible amongst his or her creditors under Part VI (other than Subdivision B of Division 2) if a sequestration order had been made against him or her on the day on which he or she signed the authority, and includes property that has been acquired by, or has devolved on, the debtor on or after that day, but, if a personal insolvency agreement is executed by him or her in accordance with a special resolution of a meeting of creditors called in accordance with the authority, does not include property that is acquired by, or devolves on, him or her on or after the day on which he or she executes the agreement.

View history note

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