Bankruptcy Regulations 1996
(regulations 10.01 , 10.05 , 10.07 , 10.08 and 10.13 )
PART 6 - MODIFICATIONS UNDER SUBSECTION 231(3) OF THE ACT - PERSONAL INSOLVENCY AGREEMENTS 5 After subsection 134(4)
| 5 | insert | |||
| (5) | If a personal insolvency agreement provides for the business of the debtor to be assigned to the trustee, the agreement may: | |||
| (a) | authorise the trustee to carry on a business of a debtor; and | |||
| (b) | specify the period during which, and the conditions (if any) subject to which, the trustee may carry on the business. | |||
| (6) | The creditors may vary or terminate an authority under subsection (5) by passing a special resolution to that effect at a meeting called for the purpose. | |||
| (7) | This section extends only in relation to property of the debtor that is subject to the personal insolvency agreement. |
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