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 3 - General provisions

SECTION 220 FILLING OF VACANCY IN OFFICE OF TRUSTEE AFTER EXECUTION OF PERSONAL INSOLVENCY AGREEMENT ETC.

220(1)

View history reference

Where a vacancy occurs in the office of trustee of a personal insolvency agreement entered into under this Part, a meeting of creditors called for the purpose may, by resolution, appoint a registered trustee to the vacant office. The meeting may be called by any creditor or the debtor.

View history note

220(2)

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Where, at any time, a vacancy exists in an office of trustee of such a personal insolvency agreement, the Court may, on the application of the debtor, a creditor or an Official Receiver:

(a) appoint to the vacant office a registered trustee who is willing to accept the appointment; or

(b) appoint the Official Trustee or a registered trustee, being a registered trustee who is willing so to act, to act as trustee until the vacant office is filled by a meeting of creditors.

View history note

220(3)
The appointment of a trustee to a vacant office of trustee by a meeting of creditors shall be deemed to have taken effect as from the date on which the vacancy in the office occurred, except where the Official Trustee or a registered trustee has been appointed to act as trustee under paragraph (2)(b) , in which case the appointment takes effect on the date on which it is made.

View history note

220(4)
The appointment of a registered trustee to a vacant office of trustee by the Court shall be deemed to have taken effect as from the date on which the vacancy in the office occurred.

220(5)
Where, under this section, the Official Trustee or a registered trustee is appointed to an office of trustee or to act as trustee:

(a)

View history reference

all property to which the personal insolvency agreement relates that is vested in the former trustee, alone or jointly with another trustee, shall, subject to subsection (6) , vest in the Official Trustee or that registered trustee, as the case may be, alone or jointly with any continuing trustee, as the case may be, without any conveyance, assignment or transfer, as from the date on which the appointment takes effect or is deemed to have taken effect; and

(b) the Official Trustee or that registered trustee, as the case may be, has the same rights, powers, duties and liabilities as if the Official Trustee or that registered trustee, as the case may be, had been an original trustee, but is not personally liable in respect of any act done, omission made or liability incurred by a prior trustee.

View history note

220(6)

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Where a law of the Commonwealth or of a State or Territory requires the transmission of property to be registered, and enables a trustee so appointed to be registered as the owner of any such property to which the personal insolvency agreement relates, that property, notwithstanding that it vests in equity in the trustee by virtue of this section, does not vest in the trustee at law until the requirements of that law have been complied with.

View history note

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