Bankruptcy Act 1966
Note: See section 4A .
PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS
View history note
Hide history noteApplication of this section
80-60(1)
This section applies if a creditor representing at least 10% in value of the creditors of a regulated debtor ' s estate appoints a person under section 80-20 as a member of a committee of inspection in relation to the administration of the estate.
80-60(2)
The creditor must not directly or indirectly become the purchaser of any part of the regulated debtor ' s estate.
Exceptions
80-60(3)
Subsection (2) does not apply if the creditors resolve otherwise.
80-60(4)
The creditor is not entitled to vote on the resolution referred to in subsection (3).
80-60(5)
Subsection (2) does not apply to the extent that:
(a) another provision of this Act, or of another law, requires or permits the creditor to purchase the property; or
(b) the Court gives leave to the creditor to purchase the property.
Offence
80-60(6)
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (2); and
(b) the person fails to comply with the requirement.
Penalty: 50 penalty units.
Note:
A defendant bears an evidential burden in relation to the matters in subsections (3) and (5) (see subsection 13.3(3) of the Criminal Code ).
Effect of contravention of this section
80-60(7)
A transaction or any other arrangement entered into in contravention of this section may be set aside by the Court.
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