Bankruptcy Regulations 1996
Payment of proceeds of the property of a bankrupt under paragraph 109(1)(a) of the Act is to be in the order set out in Schedule 3.
View history note
Hide history note6.01(2)
For the purposes of item 5 of Schedule 3:
(a) a reference to the petitioning creditor is taken to include a reference to a petitioner whose petition has not been proceeded with because of the acceptance of the debtor's petition; and
(b) paragraph (a) applies irrespective of whether the debtor's petition was referred to the Court under subsection 55(3B) of the Act or, if the petition was so referred, the outcome of the reference.
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