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Browse Acts ↓(1) The Official Receiver may, at any time while acting as bankruptcy trustee in respect of a bankrupt's estate under a provision of this Division (other than section 62), appoint another qualified person to act as the bankruptcy trustee instead. (2) Immediately after making such an appointment, the…
(1) If a bankruptcy order is made when there is a supervisor of a summary instalment order approved in relation to the bankrupt under Division 2 of Part IV, the Court may, if it considers it appropriate to do so on making the order, appoint the supervisor of the order as bankruptcy trustee in respec…
(1) A bankruptcy trustee may— (a) with the approval of the creditor's committee, exercise of any of the powers specified in Part 1 of the First Schedule; and (b) without that approval, exercise any of the general powers specified in Part 2 of that Schedule. (2) With the approval of the creditors' co…
(1) A bankruptcy trustee may sell property of the bankrupt before the first meeting of creditors only if — (a) it is perishable or is likely to rapidly diminish in value; (b) in that trustee's opinion, its sale could be prejudiced by delay; or (c) expenses would, in that trustee's opinion, be incurr…
The title of a purchaser of the bankrupt's property from a bankruptcy trustee under a document that is made in the exercise of the bankruptcy trustee's power of sale in the First Schedule may not be questioned except on account of fraud.
(1) A bankruptcy trustee shall establish and maintain a bank account in respect of each bankrupt estate administered by that trustee and shall pay into the relevant account all money that that trustee receives in that capacity. (2) If money held by a bankruptcy trustee in respect of a bankrupt's est…
(1) A bankruptcy trustee may, if the Court has first approved it, assign a right to sue that is conferred on the bankruptcy trustee by this Act. (2) An application for such an approval may— (a) be made only by the bankruptcy trustee or the person to whom it is proposed to assign the right to sue; an…
(1) If a member of a business partnership is adjudged bankrupt, the Court may authorise the bankruptcy trustee to bring proceedings in the names of the bankruptcy trustee and the bankrupt's partner. (2) The bankruptcy trustee shall serve notice of the application on the partner for authority to brin…
(1) If a person is apprenticed or is an articled clerk to an employer who is adjudged bankrupt, either of them may give notice to the bankruptcy trustee or the Official Receiver requesting that the indenture of apprenticeship or articles of agreement be discharged. (2) On receiving a notice under su…
(1) A bankruptcy trustee may apply to the Court for directions on any question concerning the operation of this Part. (2) A bankruptcy trustee who acts under a direction of the Court discharges the bankruptcy trustee's duty in relation to the matter for which the direction was sought, and it does no…
(1) A person (including the bankrupt or a creditor) whose interests, monetary or otherwise, are detrimentally affected by an act or decision to which this section applies may apply to the Court to reverse or modify the act or decision. (2) This section applies to— (a) an act or decision of the bankr…
(1) A bankruptcy trustee shall— (a) keep proper accounting records for each bankruptcy in the form and manner prescribed by the insolvency regulations; and (b) if required by the Court to do so, verify those records by statutory declaration. (2) A creditor or other person who has an interest in a pa…
(1) The bankruptcy trustee shall prepare a final statement of receipts and payments that complies with subsection (2)— (a) as soon as practicable after the distribution of the final dividend has been determined; or (b) when the whole of the bankrupt's property has been realised, if there are insuffi…
(1) If, in relation to a bankruptcy, the Official Receiver is not the bankruptcy trustee, the Official Receiver may from time to time audit— (a) the bankruptcy trustee's accounting records for any particular bankruptcy; (b) any statement of accounts and statement of financial position prepared by th…
(1) Except as otherwise provided by this section, a bankruptcy trustee appointed in respect of a bankrupt’s estate may be removed from office only by— (a) an order of the Court; or (b) a creditor's meeting convened specially for that purpose in accordance with the insolvency regulations. (2) If the…
(1) If a person has been appointed by the Court to replace the Official Receiver on his or her ceasing to hold office as bankruptcy trustee in respect of a bankrupt's estate, the Official Receiver is released from such time as the Court orders. (2) If a person has been appointed by a general meeting…
(1) This section applies when a person other than the Official Receiver ceases hold office as a bankruptcy trustee. (2) If the person has been removed from office by a meeting of the bankrupt’s creditors that has not resolved against the person's release or who has died, the person is released from…
(1) This section applies to a vacancy in the office of bankruptcy trustee that has arisen because— (a) the appointment of a person as bankruptcy trustee has failed to take effect; or (b) when such an appointment has taken effect, the person appointed has died, resigned or otherwise ceased to hold th…
(1) If, in relation to the bankruptcy trustee in respect of a bankrupt's estate, a person (including the bankrupt or a creditor of the bankrupt) is dissatisfied with any act, omission to act or decision of that trustee, the person may apply to the Court for an order under subsection (2). (2) On the…
(1) Any of the following persons make an application to the Court for an order under this section relating to a bankruptcy trustee's administration of a bankrupt's estate— (a) the Official Receiver; (b) the Attorney-General; (c) a creditor of the bankrupt; (d) the bankrupt (whether or not there is,…
There are two kinds of creditors' meetings— (a) the first meeting of creditors; and (b) subsequent creditors' meetings.
(1) The bankruptcy trustee may at any time convene a meeting of creditors after the first meeting of creditors. (2) The bankruptcy trustee shall convene such a meeting if— (a) requested to do so by a creditor of the bankrupt; and (b) the request is made with the concurrence of not less than one-quar…
A meeting of creditors convened by notice to creditors, and a resolution passed at the meeting, is valid even if some creditors may not have received the notice, unless the Court orders otherwise.
(1) The Chairperson of a creditors' meeting is the bankruptcy trustee or a person appointed by the bankruptcy trustee to be the Chairperson. (2) However, if neither the bankruptcy trustee nor the person (if any) appointed by the bankruptcy trustee to be the Chairperson attends the meeting, the credi…
The Chairperson of a creditors' meeting may adjourn the meeting from time to time and place to place.
If the bankruptcy trustee attends a creditors' meeting or an adjournment of the meeting, the bankruptcy trustee shall— (a) report on the administration of the bankrupt's estate; (b) give any creditor any further information that the creditor may properly require; and (c) on being reasonably required…
(1) A person may attend a creditors' meeting— (a) by being physically present at the time, date and place appointed for the meeting; or (b) if the bankruptcy trustee makes it available, by means of an audio or audio-visual link, so that all those participating in the meeting can hear and be heard by…
(1) The bankrupt shall, if required by the bankruptcy trustee, attend all creditors' meetings by being physically present or present by an audio or audio-visual link. (2) The following persons may question the bankrupt about the bankrupt's property, conduct or dealings— (a) the bankruptcy trustee; (…
A person who is not a creditor of the bankrupt may attend a creditors' meeting with the consent of— (a) the bankruptcy trustee; or (b) the creditors attending the meeting, voting by ordinary resolution.
(1) The bankruptcy trustee shall ensure that minutes are kept of each creditors' meeting. (2) The minutes are invalid unless signed by the bankruptcy trustee or the Chairperson of the meeting. (3) The bankruptcy trustee may record the meeting, but only with the consent of each person attending the m…