Bankruptcy Act 1966
A payment made by a debtor to a creditor before the debtor became a bankrupt and representing in part principal and in part interest shall, notwithstanding any agreement to the contrary, be deemed, for the purposes of this Act but not otherwise, to have been apportioned in satisfaction of principal and interest in the proportion that the principal bears to the amount payable as interest at the agreed rate.
[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Section 88 of the Act is modified by substituting " A payment that: (a) is made to a creditor by; (i) the deceased debtor before the person ' s death; or (ii) the deceased debtor ' s estate before the date of the order for the administration of the estate; and (b) represents in part principal and in part interest; " for " A payment made by a debtor to a creditor before the debtor became a bankrupt and representing in part principal and in part interest " .]
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