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 229 PERSONAL INSOLVENCY AGREEMENT TO BIND ALL CREDITORS

View history reference

229(1) [When creditors bound]

A personal insolvency agreement that:

(a) is entered into in accordance with this Part; and

(b) complies with the requirements of this Part;

is, upon being duly executed by the debtor and the trustee, binding on all the creditors of the debtor.

229(2) [Creditor ' s actions bound]

If a personal insolvency agreement has become binding on the creditors of the debtor, it is not competent for a creditor, so long as the agreement remains valid:

(a) to present a creditor ' s petition against the debtor, or to proceed with such a petition presented before the agreement became so binding, in respect of a provable debt; or

(b) to enforce any remedy against the person or property of the debtor in respect of a provable debt; or

(c) to commence any legal proceeding in respect of a provable debt or take any fresh step in such a proceeding.

229(3) [Creditors rights that are unaffected]

This section does not:

(a) affect the right of a secured creditor to realise or otherwise deal with the creditor ' s security; or

(b) prevent a creditor, after all the obligations that a personal insolvency agreement created have been discharged, from taking any proceeding or enforcing any remedy in respect of a provable debt from which the debtor is not released by the operation of the agreement.

229(4) [Remedies not affected]

This section does not prevent a creditor from enforcing any remedy against:

(a) a debtor who has executed a personal insolvency agreement; or

(b) any property of such a debtor that is not subject to the agreement;

in respect of any liability of the debtor under a maintenance agreement or maintenance order (whether entered into or made, as the case may be, before or after the commencement of this subsection).

View history note

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