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 224A NOTICE THAT A PERSONAL INSOLVENCY AGREEMENT HAS BEEN SET ASIDE, VARIED OR TERMINATED

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224A(1)

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If a personal insolvency agreement is terminated or varied by a resolution or special resolution at a meeting of creditors called for the purpose, the trustee of the agreement must, before the end of the period of 2 days beginning on the day of the termination or variation, file a copy of the resolution or special resolution in the office of the Official Receiver.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).

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224A(2)

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If a personal insolvency agreement is varied in accordance with subsection 221A(5) , the trustee of the agreement must, before the end of the period of 2 days beginning on the day of the variation, file a copy of the variation in the office of the Official Receiver.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).

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224A(3)

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If a personal insolvency agreement is terminated by the occurrence of any circumstance or event on the occurrence of which the deed provides that it is to terminate, the trustee of the agreement must, before the end of the period of 2 days beginning on the day of the termination, give written notice of that fact to the Official Receiver.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).

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224A(4)

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If:

(a) the Court makes an order setting aside or terminating a personal insolvency agreement; and

(b) a registered trustee was the trustee of the personal insolvency agreement;

the registered trustee must, before the end of the period of 2 days beginning on the day the trustee becomes aware of the order, give written notice of the order to the Official Receiver.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).

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224A(5)

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If:

(a) the Court makes an order setting aside or terminating a personal insolvency agreement; or

(b) a personal insolvency agreement is terminated otherwise than because of an order of the Court;

the trustee of the personal insolvency agreement must give written notice of the order or termination to each of the creditors within 2 business days of the making of the order or of the termination, as the case may be.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).

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224A(6)
(Repealed by No 11 of 2016)

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224A(7)

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Subsections (1), (2), (3), (4) and (5) are offences of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .

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History

S 224A substituted by No 80 of 2004, s 3 and Sch 1 item 147, effective 1 December 2004. For transitional provisions, see note under Part X heading. S 224A formerly read:

224A NOTICE THAT DEED OR COMPOSITION DECLARED VOID OR TERMINATED
224A(1)
Where a deed of arrangement or a composition is terminated by a special resolution passed after the commencement of this section at a meeting of creditors called for the purpose, the trustee of the deed or composition shall forthwith file a copy of the special resolution in the office of the Official Receiver.
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History

S 224A(1) inserted by No 12 of 1980, s 121; amended by No 44 of 1996, Sch 1, Pt 1(376).

224A(2)
Where a deed of arrangement is terminated after the commencement of this section by the occurrence of any circumstance or event on the occurrence of which the deed provides that it is to terminate, the trustee of the deed shall forthwith give notice in writing of that fact to the Official Receiver.
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History

S 224A(2) inserted by No 12 of 1980, s 121; amended by No 44 of 1996, Sch 1, Pt 1(376).

224A(3)
If:

(a) the Court makes an order:

(i) declaring void a deed of assignment, a deed of arrangement or a composition; or

(ii) terminating a deed of arrangement or a composition; or

(iii) setting aside a composition; and

(b) a registered trustee was the trustee of the deed or composition;
the registered trustee must give written notice of the order to the Official Receiver.

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History

S 224A(3) inserted by No 12 of 1980, s 121; substituted by No 44 of 1996, Sch 1, Pt 1(377).

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