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

58   After section 189AB

Insert:

189AC Right of indemnity for controlling trustee

(1) The controlling trustee is entitled to be indemnified out of the debtor's property for:

(a) his or her remuneration; and

(b) any costs, charges or expenses properly and reasonably incurred by the controlling trustee while the debtor's property was subject to control under this Division.

(2) To secure a right of indemnity under subsection (1), the controlling trustee has a lien on the debtor's property.

(3) A lien under subsection (2) ceases to have effect if the debtor becomes a bankrupt.