Bankruptcy Amendment Regulations 2003 (No. 1) (76 of 2003)
Schedule 1 Amendments
[11] Schedule 6, Part 3, after item 9
insert
10 Section 181A (Streamlined method for replacing trustee)
10.1 Subsection 181A (1):
substitute
'(1) The current controlling trustee or the trustee of a deed of assignment, deed of arrangement or composition ( the nominating trustee ) may, with the written consent of another trustee (either a registered trustee or the Official Trustee), nominate the other trustee as the new trustee.'.
10.2 Subsection 181A (4):
substitute
'(4) If no creditor lodges a written notice of objection with the nominating trustee at least 2 days before the specified date, then the new trustee replaces the current trustee, on the date specified in the notice.'.
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