Bankruptcy Regulations 2021
Prescribed information
59(1)
For the purposes of subsections 188(2AA) and (2AB) of the Act, the following information is prescribed: (a) information about the consequences of entering into a personal insolvency agreement; (b) information about sources of financial advice and guidance to persons facing or contemplating entering into a personal insolvency agreement; (c) information about whether a personal insolvency agreement may be administered by a registered trustee or the Official Trustee; (d) a statement that it is an act of bankruptcy if any of the things mentioned in paragraphs 40(1)(i) to (m) of the Act happen in relation to a debtor; (e) information about the processes under Part X of the Act; (f) information about a debtor ' s rights and responsibilities under Part X of the Act, including a debtor ' s obligation to disclose all related entities; (g) information about a controlling trustee ' s obligation to disclose the controlling trustee ' s relationship (if any) with a debtor.
59(2)
The information must be factual and objective.
Acknowledgement that prescribed information has been received and read
59(3)
A registered trustee or a solicitor authorised by a debtor, under subsection 188(1) of the Act, to take control of the debtor ' s property must not consent to exercise the powers given by the authority unless the debtor has given the registered trustee or the solicitor, as the case may be, a signed acknowledgement that the debtor has received and read the prescribed information.
59(4)
If the Official Trustee is authorised by a debtor, under subsection 188(1) of the Act, to take control of the debtor ' s property, the Official Receiver must not give the debtor a written approval under paragraph 188(2)(aa) of the Act unless the debtor has given the Official Trustee a signed acknowledgement that the debtor has received and read the prescribed information.
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