Bankruptcy Legislation Amendment Act 2004 (80 of 2004)

Schedule 1   Amendments relating to statements of affairs and Part X agreements

Part 1   Amendment of the Bankruptcy Act 1966

Division 2   Amendments relating to Part X agreements

57   After section 189

Insert:

189AAA Stay of proceedings relating to creditor's petition until meeting of debtor's creditors

(1) If:

(a) an authority signed by a debtor under section 188 has become effective; and

(b) either:

(i) a creditor's petition was presented against the debtor before the authority became effective; or

(ii) a creditor's petition is presented against the debtor after the authority became effective but before the first or only meeting of the debtor's creditors called under the authority;

proceedings relating to that petition are, by force of this subsection, stayed until:

(c) the conclusion of the meeting; or

(d) the adjournment of the meeting;

whichever is the earlier.

(2) This section does not limit subsection 206(1).