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 231 APPLICATION OF GENERAL PROVISIONS OF ACT TO PERSONAL INSOLVENCY AGREEMENTS

View history reference

231(1)
Sections 77 , 77A , 77AA , 77C , 77D , 77E , 77F, 78 (other than paragraphs 78(1)(a) , (b) and (c)) and 81 apply, with the prescribed modifications (if any), in relation to a debtor who has executed a personal insolvency agreement as if:

(a) the debtor were a bankrupt; and

(b) the trustee of the agreement were the trustee of the estate of the bankrupt debtor.

231(2)
Section 78 (other than paragraphs 78(1)(d) and (f)) applies, with the prescribed modifications (if any), in relation to a debtor who has executed a personal insolvency agreement as if the debtor were a debtor against whom a bankruptcy notice has been presented.

231(3)
Subsection 58(4) and sections 60 , 61 , 62 , 82 to 118 , 127 to 130 and 133 to 139H , Subdivisions I and J of Division 4B of Part VI and sections 140 to 147 apply, with the prescribed modifications (if any), in relation to such an agreement as if:

(a) a creditor ' s petition had been presented against the debtor by whom the agreement was executed on the day on which the special resolution requiring the execution of the agreement was passed; and

(b) a sequestration order had been made against him or her on that petition on the day on which he or she executed the agreement; and

(c) the trustee of the agreement were the trustee in his or her bankruptcy.

View history note

231(4)
In the application, by virtue of subsections (1), (2) and (3), of the provisions referred to in those subsections:

(a) a reference to the property of the bankrupt is to be read as a reference to the divisible property of the debtor; and

(b) a reference to a provable debt is to be read as a reference to a provable debt within the meaning of this Part; and

(c) a reference to the end of the bankruptcy is to be read as a reference to the end of the personal insolvency agreement.

231(5)
Part VIII applies, with any modifications prescribed by the regulations, in relation to a trustee of a personal insolvency agreement as if:

(a) the debtor by whom the agreement was executed were a bankrupt; and

(b) the trustee of the agreement were the trustee in his or her bankruptcy.

231(6)
If, after taking into account the prescribed modifications and the provisions of subsection (4), a provision specified in subsection (1), (2), (3) or (5) is incapable of application in relation to a personal insolvency agreement, or the trustee of such an agreement, as the case requires, or is inconsistent with this Part, that provision does not so have application.

231(7)
This Division does not empower the Court to stay any proceedings under a proceeds of crime law.

View history note

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