Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

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History

Pt 3 inserted by No 11 of 2016, s 3 and Sch 1 item 2, applicable in relation to the administration of regulated debtors ' estates on and after 1 September 2017.

Division 55 - Introduction  

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Div 55 inserted by No 11 of 2016, s 3 and Sch 1 item 2, applicable in relation to the administration of regulated debtors ' estates on and after 1 September 2017.

SECTION 55-1   SIMPLIFIED OUTLINE OF THIS PART  

This Part sets out requirements for conducting the administration of a regulated debtor ' s estate.

The main provisions deal with:

(a) the remuneration of the trustee; and

(b) the duties of the trustee in handling the money and other property of the estate; and

(c) conflicts of interest; and

(d) the duties of the trustee to keep appropriate records, to report to the Inspector-General and to give information, documents and reports to creditors and others; and

(e) creditor meetings; and

(f) the creation and conduct of a committee to monitor the administration (called a committee of inspection); and

(g) the rights of creditors to review the administration; and

(h) the rights of creditors to remove the trustee and appoint another; and

(i) the review of the administration by the Court.

There are additional rules that apply to the administration of a regulated debtor ' s estate (for example, about appointment of the trustee) in this Act.

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History

S 55-1 inserted by No 11 of 2016, s 3 and Sch 1 item 2, applicable in relation to the administration of regulated debtors ' estates on and after 1 September 2017.

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