Bankruptcy Act 1966 (Cth)

Bankruptcy Act 1966

No. 33, 1966

Compilation No. 95

Compilation date: 21 February 2025

Includes amendments: Act No. 14, 2025

About this compilation

This compilation

This is a compilation of the Bankruptcy Act 1966 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents Part I—Preliminary 1 Short title 2 Commencement 4 Repeal 4A Insolvency Practice Schedule Part IA—Interpretation 5 Interpretation 5A Acting in accordance with a person's directions or instructions 5B Associated entities: companies 5C Associated entities: natural persons 5D Associated entities: partnerships 5E Associated entities: trusts 5F Controlling an entity in relation to a matter 5G Financial affairs of a company 5H Financial affairs of a natural person 5J Financial affairs of a partnership 5K Financial affairs of a trust 6 Meaning of intent to defraud creditors 6A Statement of affairs for purposes other than Part XI 6B Provision of statement of affairs under Part XI and statement of administration of estate of deceased person 6C Interpretive provisions relating to proceeds of crime orders 6D Approved forms Part IB—Application of Act 7 Application of Act 7A Application of the Criminal Code 8 Act binds the Crown 9 Laws of States and Territories not affected by Act Part II—Administration Division 1—General 10 Delegation by Minister or Secretary 11 Inspector‑General in Bankruptcy 12 Functions of Inspector‑General 13 The Australian Financial Security Authority 15 Official Receivers 16 Appointment of Inspector‑General and Official Receivers 17 Acting Inspector‑General and Acting Official Receivers 17B Arrangements for services of State Magistrates and Northern Territory Local Court Judges 18 The Official Trustee in Bankruptcy 18AA Public Governance, Performance and Accountability Act 2013 does not apply to the Official Trustee 18A Liability of the Official Trustee 19 Duties etc. of trustee 19AA Power of investigation of bankrupt's affairs 19A Liability of Inspector‑General, Official Receivers etc. 19B Trustee to give Official Receiver information etc. Division 2—Common Investment Fund 20A Interpretation 20B The Common Investment Fund 20D Investment of money in Common Fund 20E Borrowing for the Common Fund 20F Moneys in Common Fund not held on account of particular estates etc. 20G Common Investment Fund Equalization Account 20H Credits to and debits from the Equalization Account 20J Interest on moneys in Common Fund payable only in certain circumstances Part III—Courts Division 2—Jurisdiction and powers of courts in bankruptcy 27 Bankruptcy courts 29 Courts to help each other 30 General powers of Courts in bankruptcy 31 Exercise of jurisdiction 32 Costs 33 Adjournment, amendment of process and extension and abridgment of times 33A Alteration of dates relating to statements of affairs and debtor's petitions 34 Orders and commissions for examination of witnesses 34A Standard of proof 35 Jurisdiction of the Federal Circuit and Family Court of Australia (Division 1) in bankruptcy where trustee is a party to property settlement or spousal maintenance proceedings etc. 35A Transfer of proceedings to Federal Circuit and Family Court of Australia (Division 1) 35B Family Court of Western Australia 36 Enforcement of orders etc. 37 Power of Court to rescind orders etc. Part IV—Proceedings in connexion with bankruptcy Division 1—Acts of bankruptcy 40 Acts of bankruptcy 41 Bankruptcy notices 42 Payment etc. of debt to Commonwealth or State after service of bankruptcy notice Division 2—Creditors' petitions 43 Jurisdiction to make sequestration orders 44 Conditions on which creditor may petition 45 Creditor's petition against partnership 46 Petition against 2 or more joint debtors 47 Requirements as to creditor's petition 49 Change of petitioners 50 Taking control of debtor's property before sequestration 51 Costs of prosecuting creditor's petition 52 Proceedings and order on creditor's petition 53 Consolidation of proceedings 54 Bankrupt's statement of affairs Division 2A—Declaration of intention to present debtor's petition 54A Presentation of declaration 54B When debtor disqualified from presenting declaration 54C Acceptance or rejection of declaration 54D Official Receiver to give information to debtor 54E Enforcement suspended during stay period 54F Duties of sheriff 54G Duty of court registrar 54H Duties of person entitled to deduct money owing to declared debtor 54J Extension of time where this Division prevents the doing of an act 54K Section 33 not to apply to this Division 54L Secured creditor's rights under security not affected Division 3—Debtors' petitions 55 Debtor's petition 56A Persons who may present a debtor's petition against a partnership 56B Presentation of a debtor's petition against a partnership 56C Referral to the Court of a debtor's petition against a partnership 56D Acceptance of a debtor's petition against a partnership by the Official Receiver 56E Effects of acceptance of a debtor's petition against a partnership 56F Extra duties of non‑petitioning partners who become bankrupts 56G Inspection of statements of affairs of partners and partnerships 57 Debtor's petition by joint debtors who are not partners 57A Time at which person becomes bankrupt on debtor's petition Division 3A—Acceptance of statements of affairs by Official Receiver 57B Acceptance of statements of affairs by Official Receiver Division 4—Effect of bankruptcy on property and proceedings 58 Vesting of property upon bankruptcy—general rule 58A Vesting of property upon bankruptcy—effect of orders in force under the proceeds of crime law 59 Second or subsequent bankruptcy 59A Orders to which sections 58 and 59 are subject 60 Stay of legal proceedings 61 Actions by bankrupt partner's trustee 62 Actions on joint contracts 63 Death of bankrupt Division 6—Composition or arrangement with creditors 73 Composition or arrangement 73B Declaration of relationships by proposed trustee of composition or scheme of arrangement 74 Annulment of bankruptcy 74A Variation of composition or scheme of arrangement 75 Effect of composition or scheme of arrangement 76 Application of Part VIII and Schedule 2 to trustee of a composition or arrangement 76B Setting aside and termination of a composition or scheme of arrangement Part V—Control over person and property of debtors and bankrupts Division 1—General 77 Duties of bankrupt as to discovery etc. of property 77AA Access by Official Receiver and others to premises 77A Access by trustee to books of associated entity 77C Power of Official Receiver to obtain information and evidence 77CA Power of Official Receiver to obtain statement of affairs 77D Allowances and expenses in respect of attendance 77E Advance on account of allowances and expenses 77F Allowances and expenses to be paid out of bankrupt's estate 78 Arrest of debtor or bankrupt 80 Notification of change in name, address or day‑time telephone number 81 Discovery of bankrupt's property etc. Division 2—Offshore information notices 81A Issue of notices 81B Extension of period of notice 81C Variation of notices 81D Withdrawal of notices 81E Notices may be included in same document 81F Relationship between this Division and section 77C Division 3—Failure to comply with certain notices 81G Effect of non‑compliance with notice Part VI—Administration of property Division 1—Proof of debts 82 Debts provable in bankruptcy 83 Debt not to be considered proved until admitted 84 Manner of proving debts 85 Proof by employees 86 Mutual credit and set‑off 87 Deduction of discounts 88 Apportionment to principal and interest of payments made before bankruptcy 89 Apportionment where security realized before or after bankruptcy 90 Proof of debt by secured creditor 91 Redemption of security by trustee etc. 92 Amendment of valuation 93 Repayment of excess 94 Subsequent realization of security 95 Proof in respect of distinct contracts 96 Proof in respect of proportionate part of periodical payment 97 Production of bills of exchange and promissory notes 98 Amendment of proof of debt 100 Costs of proving debts etc. 101 Inspection of proofs by creditors etc. 102 Admission or rejection of proofs 103 Debts to be rounded down to nearest dollar 104 Appeal against decision of trustee in respect of proof 105 Costs of appeal 106 Trustee may administer oaths etc. 107 Creditor not to receive more than the amount of his or her debt and interest Division 2—Order of payment of debts Subdivision A—General 108 Debts proved to rank equally except as otherwise provided 109 Priority payments 109A Debts due to employees 110 Application of estates of joint debtors 113 Apprenticeship etc. claims 114 Payment of liabilities etc. incurred under terminated deed etc. Subdivision B—The effect of proceeds of crime orders and applications for proceeds of crime orders 114A The effect of proceeds of crime orders 114B The effect of applications for proceeds of crime orders 114C Director of Public Prosecutions or Commissioner of the Australian Federal Police must notify the trustee of certain matters Division 3—Property available for payment of debts Subdivision A—General 115 Commencement of bankruptcy 116 Property divisible among creditors 117 Policies of insurance against liabilities to third parties 118 Execution by creditor against property of debtor who becomes a bankrupt etc. 119 Duties of sheriff after receiving notice of presentation of petition etc. 119A Duties of sheriff after receiving notice of bankruptcy etc. 120 Undervalued transactions 121 Transfers to defeat creditors 121A Transactions where consideration given to a third party 122 Avoidance of preferences 123 Protection of certain transfers of property against relation back etc. 124 Protection of certain payments to bankrupt etc. 125 Certain accounts of undischarged bankrupt 126 Dealings with undischarged bankrupt in respect of after‑acquired property 127 Limitation of time for making claims by trustee etc. 128 Notice to trustee where identity of vendor etc. with bankrupt in doubt Subdivision B—Superannuation contributions 128A Simplified outline 128B Superannuation contributions made to defeat creditors—contributor is a person who later becomes a bankrupt 128C Superannuation contributions made to defeat creditors—contributor is a third party 128D Time for making claims by trustee 128E Superannuation account‑freezing notice 128F Revocation of superannuation account‑freezing notice 128G Copy of superannuation account‑freezing notice to be given to trustee etc. 128H Consent of Official Receiver to the cashing etc. of a superannuation interest 128J Power of Court to set aside superannuation account‑freezing notice 128K Judicial enforcement of superannuation account‑freezing notices 128L Protection of trustee of eligible superannuation plan 128M References to a member of an eligible superannuation plan 128N Definitions Division 4—Realization of property 129 Trustee to take possession of property of bankrupt 129AA Time limit for realising property 129A Eligible judges 130 Warrant for seizure of property connected with the bankrupt 132 Vesting and transfer of property 133 Disclaimer of onerous property 134 Powers exercisable at discretion of trustee 136 Right to pay off mortgages 137 Right of trustee to inspect goods held as security 138 Limitation of trustee's power in respect of copyright, patents etc. 139 Protection of trustee from personal liability in certain cases Division 4A—Orders in relation to property of entity controlled by bankrupt or from which bankrupt derived a benefit 139A Trustee may apply to Court 139B Application to be served on respondent entity 139C Who may appear at hearing 139CA Definition of examinable period 139D Order relating to property of entity other than a natural person 139DA Order relating to property of natural person 139E Order relating to net worth of entity other than a natural person 139EA Order relating to increase in value of property of natural person 139F Court to take account of interests of other persons 139G Giving effect to orders under this Division 139H Entity entitled to claim in bankruptcy Division 4B—Contribution by bankrupt and recovery of property Subdivision A—Preliminary 139J Objects of Division Subdivision B—Interpretation 139K Definitions Subdivision C—Income 139L Meaning of income 139M Derivation of income 139N Income varied by income tax payments and refunds and child support payments Subdivision D—Liability of bankrupt to pay contributions 139P Liability of bankrupt to pay contribution 139Q Change in liability of bankrupt 139R Liability not affected by subsequent discharge 139S Contribution payable by bankrupt 139T Determination of higher income threshold in cases of hardship Subdivision E—Provision of information to trustee 139U Bankrupt to provide evidence of income 139V Power of trustee to require bankrupt to provide additional evidence Subdivision F—Assessments of income and contribution 139W Assessment of bankrupt's income and contribution 139WA No time limit on making assessment 139X Basis of assessments 139Y Trustee may regard bankrupt as receiving reasonable remuneration 139Z If bankrupt claims not to be in receipt of income Subdivision G—Review of assessment 139ZA Internal review of assessment 139ZC Inspector‑General may request further information 139ZD Decision on review 139ZE Inspector‑General to notify bankrupt and trustee of decision 139ZF Review of assessment decisions Subdivision H—When contribution payable 139ZG Payment of contribution 139ZH If excess contribution paid 139ZI Notice of determinations Subdivision HA—Supervised account regime 139ZIA Objects 139ZIB Definitions 139ZIC Trustee may determine that the supervised account regime applies to the bankrupt 139ZID Revocation of determination 139ZIDA When determination ceases to be in force 139ZIE Bankrupt must open and maintain supervised account 139ZIEA New supervised account 139ZIF Bankrupt's monetary income to be deposited to supervised account 139ZIG Trustee to supervise withdrawals from supervised account 139ZIH Constructive income receipt arrangements 139ZIHA Non‑monetary income receipt arrangements 139ZII Cash income 139ZIIA Keeping of books 139ZIJ Injunctions 139ZIK Interim injunctions 139ZIL Discharge etc. of injunctions 139ZIM Certain limits on granting injunctions not to apply 139ZIN Other powers of the Court unaffected 139ZIO Inspector‑General may review trustee's decision 139ZIP Inspector‑General may request further information 139ZIR Inspector‑General's decision on review 139ZIS Inspector‑General to notify bankrupt and trustee of decision 139ZIT ART review of decisions Subdivision I—Collection of money or property by Official Receiver from person other than the bankrupt 139ZJ Definition 139ZK Persons to whom Subdivision applies 139ZL Official Receiver may require persons to make payments 139ZM Power of Court to set aside notice 139ZN Charge over property 139ZO Failure to comply with notice 139ZP Employer not to dismiss or injure bankrupt because of giving of notice Subdivision J—Collection of money or property by Official Receiver from party to transaction that is void against the trustee 139ZQ Official Receiver may require payment 139ZR Charge over property 139ZS Power of Court to set aside notice 139ZT Failure to comply with notice Subdivision K—Rolled‑over superannuation interests etc. 139ZU Order relating to rolled‑over superannuation interests etc. 139ZV Enforcement of order 139ZW Definitions Division 5—Distribution of property 140 Declaration and distribution of dividends 141 Joint and separate dividends 142 Apportionment of expenses of administration of joint and separate estates 143 Provision to be made for creditors residing at a distance etc. 144 Right of creditor who has not proved debt before declaration of dividend 145 Final dividend 146 Distribution of dividends where bankrupt fails to file statement of affairs 147 No action for dividend Part VII—Discharge and annulment Division 1—Preliminary 148 Misleading conduct by bankrupt Division 2—Discharge by operation of law Subdivision A—Discharge after certain period 149 Automatic discharge 149A Bankruptcy extended when objection made Subdivision B—Objections 149B Objection to discharge 149C Form of notice of objection 149D Grounds of objection 149F Copy of notice of objection to be given to bankrupt 149G Date of effect of objection 149H Trustee ceasing to object on some grounds 149J Withdrawal of objection Subdivision C—Review of objection 149K Internal review of objection 149M Inspector‑General may request further information 149N Decision on review 149P Inspector‑General to notify bankrupt and trustee of decision 149Q Review of decisions Division 4—Provisions applicable to all discharges 152 Discharged bankrupt to give assistance 153 Effect of discharge Division 5—Annulment of bankruptcy 153A Annulment on payment of debts 153B Annulment by Court 154 Effect of annulment Part VIII—Trustees Division 1—Appointment and official name 156A Consent to act as trustee 157 Appointment of trustees 158 Appointment of more than one trustee etc. 159 Vacancy in office of trustee 160 Official Trustee to be trustee when no registered trustee is trustee 161 Trustee may act in official name Division 2—Remuneration and costs of the Official Trustee and Official Receiver 163 Remuneration of the Official Trustee 163A Costs and expenses of Official Receiver Division 5—Vacation of office 180 Resignation of trustee 181A Streamlined method for replacing trustee 183 Release of registered trustee by the Court 184 Release of registered trustee by operation of law after 7 years 184A Release of the Official Trustee Part IX—Debt agreements Division 1—Introduction 185 Definitions 185A Adequate and appropriate professional indemnity and fidelity insurance Division 2—Debt agreement proposals 185C Giving a debt agreement proposal to the Official Receiver 185D Statement of affairs to be given with a debt agreement proposal 185E Accepting a debt agreement proposal for processing 185EA Processing of debt agreement proposal 185EB Inspection of creditor's statement 185EC Acceptance of a debt agreement proposal 185ED Cancellation of acceptance of debt agreement proposal for processing 185F Effect of accepting a debt agreement proposal for processing 185G Lapsing of a debt agreement proposal Division 3—Making a debt agreement 185H Making a debt agreement 185I Parties to a debt agreement 185K Prevention of proceedings relating to debts Division 3A—Duties of administrators 185LA Duties of an administrator—general 185LB Administrator to notify creditors of a 3‑month arrears default by a debtor 185LC Administrator to notify Official Receiver of a designated 6‑month arrears default by a debtor 185LD Administrator to maintain separate bank account 185LDA Offence relating to the trust account 185LE Administrator to keep accounts etc. 185LEA Annual return 185LF Succession of administrator 185LG Duties of an administrator in relation to debt agreements—extended meaning Division 4—Varying a debt agreement 185M Varying a debt agreement 185MA Procedures for dealing with proposals to vary debt agreements 185MB Inspection of creditor's statement 185MC Acceptance of a proposal to vary a debt agreement 185MD Withdrawal of proposal to vary a debt agreement Division 5—Ending a debt agreement 185N End of debt agreement on discharge of obligations under agreement 185NA Release of debtor from debts 185P Terminating a debt agreement by accepting a proposal 185PA Procedures for dealing with proposals to terminate debt agreements 185PB Inspection of creditor's statement 185PC Acceptance of a proposal to terminate a debt agreement 185PD Withdrawal of proposal to terminate a debt agreement 185Q Terminating a debt agreement by order of the Court 185QA Terminating a debt agreement—designated 6‑month arrears default 185R Terminating a debt agreement by the bankruptcy of the debtor 185S Validity of things done under a debt agreement that was terminated Division 6—Voiding a debt agreement 185T Applying for an order declaring a debt agreement void 185U Making an order declaring a debt agreement void 185V Validity of things done under a debt agreement that was declared void Division 7—General provisions relating to debt agreements 185W Court directions to the Official Receiver 185X No stamp duty payable on a debt agreement 185XA Secured creditors 185Y Money received by administrator to be held on trust 185Z Remuneration of administrator 185ZA Notification of death of administrator 185ZB Official Trustee to replace an administrator who dies etc. 185ZC Official Receiver may appoint a new administrator 185ZCA Court may order administrator to make good loss caused by breach of duty 185ZCB Control of administrators by the Court 185ZD Remuneration of administrator Division 8—Registration of debt agreement administrators etc. Subdivision A—Introduction 186A Basic eligibility test Subdivision B—Registration of debt agreement administrators 186B Application for registration as a debt agreement administrator 186C Inspector‑General must approve or refuse to approve registration application 186D Registration as a debt agreement administrator 186E Duration of registration as a debt agreement administrator 186F Conditions of registration—general 186G Condition of registration—companies 186H Application to change or remove registration conditions Subdivision BA—Insurance 186HA Registered debt agreement administrator to maintain insurance Subdivision C—Surrender and cancellation of registration as a debt agreement administrator 186J Surrender of registration as a debt agreement administrator 186K Cancellation of an individual's registration as a debt agreement administrator 186L Cancellation of a company's registration as a debt agreement administrator 186LA Inspector‑General may obtain information about debt agreement administration trust accounts 186LB Account‑freezing notices—debt agreement administration trust accounts 186LC Power of court to set aside account‑freezing notices 186LD Judicial enforcement of account‑freezing notices 186LE Protection of bank Subdivision E—Miscellaneous 186N Return of certificate of registration 186P Cessation of registration as a debt agreement administrator—no refund of fees 186Q Guidelines relating to Inspector‑General's powers Part X—Personal insolvency agreements Division 1—Interpretation 187 Interpretation 187A Application of Part to joint debtors Division 2—Meeting of creditors and control of debtor's property 188 Debtor may authorise trustee or solicitor to be controlling trustee 188A Personal insolvency agreement 188B Inspection of statement of debtor's affairs 189 Control of property of a debtor who has given authority under section 188 189AAA Stay of proceedings relating to creditor's petition until meeting of debtor's creditors 189AA Court orders with effect during period of control of debtor's property 189AB Charge over debtor's property that is subject to control 189AC Right of indemnity for controlling trustee 189A Report and declaration by controlling trustee 189B Controlling trustee to prepare statement about possible resolutions 190 Duties and powers of controlling trustee 190A Additional duties of controlling trustee 191 Payments to protect property etc. 192 Changing the controlling trustee 204 Resolution for personal insolvency agreement 205 Duties of sheriff after receiving notice of signing of authority under section 188 etc. 205A Duties of sheriff after receiving notice of execution of personal insolvency agreement etc. 206 Court may adjourn hearing of petition where creditors have passed resolution for personal insolvency agreement 207 Surrender of security etc. where secured creditor has voted 208 Termination of control of debtor's property by the Court 209 Acts of controlling trustee to bind trustee of subsequent personal insolvency agreement or bankruptcy 210 Other provisions about controlling trustee 211 Other provisions about debtor Division 3—General provisions 215 Eligibility to be trustee of personal insolvency agreement 215A Nomination or appointment of trustee of personal insolvency agreement 216 Execution of personal insolvency agreements 217 Failure of trustee to execute personal insolvency agreement 218 Notice of execution of personal insolvency agreement 219 Trustee may sue, be sued etc. by official name 220 Filling of vacancy in office of trustee after execution of personal insolvency agreement etc. 221 Sequestration order where debtor fails to attend meeting, execute personal insolvency agreement etc. 221A Variation of personal insolvency agreement 222 Court may set aside personal insolvency agreement 222A Termination of personal insolvency agreement by trustee 222B Termination of personal insolvency agreement by creditors 222C Court may terminate personal insolvency agreement 222D Termination of personal insolvency agreement by occurrence of terminating event 224 Validity of acts if personal insolvency agreement set aside or terminated 224A Notice that a personal insolvency agreement has been set aside, varied or terminated 225 Evidence of personal insolvency agreement, resolution etc. 226 Creditor may inspect personal insolvency agreement etc. 227 Stamp duty not payable on personal insolvency agreements etc. entered into under this Part 229 Personal insolvency agreement to bind all creditors 230 Release of provable debts 231 Application of general provisions of Act to personal insolvency agreements 231A Right of debtor to remaining property 232 Certificate relating to discharge of obligations Part XI—Administration of estates of deceased persons in bankruptcy 244 Administration of estates under this Part upon petition by creditor 245 Debtor dying after presentation of creditor's petition 246 Statement of deceased debtor's affairs etc. by legal personal representative 247 Petition for administration under this Part by person administering deceased person's estate 247A Commencement of administration under Part 248 Application of Act in relation to administrations under this Part 248A Consolidation of proceedings 249 Vesting of property on making of order 249A Charge over property owned in joint tenancy 250 Effect of order under Part where deceased person was bankrupt 251 Real property devised by will that vests directly in devisee to form part of estate in certain cases 252 Liability of legal personal representative 252A Annulment on payment of debts 252B Annulment by Court 252C Effect of annulment Part XIA—Farmers' debts assistance 253A Interpretation 253B Law of State or Territory may be proclaimed 253C Notice about stay under proclaimed law 253E Relevant authority may apply for stay of proceedings under certain petitions 253F Relevant authority may be heard on application relating to debtor's petition Part XII—Unclaimed dividends or moneys 254 Payment of unclaimed moneys to the Commonwealth Part XIII—Evidence 255 Record of proceedings or evidence 256 Evidence of matters stated in notices published in Gazette 257 Evidence of proceedings at meetings of creditors or committee of inspection 258 Presumption about due convening of meetings etc. 262 Swearing of affidavits Part XIV—Offences 263 Concealment etc. of property etc. 263A False affidavits 263C False claims about a creditor's entitlement to vote 264A Failure of person to attend before the Court etc. 264B Arrest of person failing to attend before the Court etc. 264C Refusal to be sworn or give evidence etc. 264D Prevarication or evasion in the course of examination 264E Offences in relation to Registrar or magistrate conducting an examination 265 Failure of bankrupt or debtor to disclose property etc. 265A Offences relating to exercise of powers under section 77A or 130 266 Disposing or charging of property by person who becomes, or has become, a bankrupt 267 False declaration by debtor or bankrupt 267B Failure of person to provide information 267D Failure of person to attend 267E Arrest of person failing to attend before Official Receiver or authorised officer 267F Refusal to be sworn or give evidence etc. 267G Prevarication or evasion in the course of giving evidence 268 Offences in relation to personal insolvency agreements 269 Bankrupt or debtor who is a party to a debt agreement obtaining credit etc. without disclosing bankruptcy or debt agreement 270 Failure to keep proper books of account 271 Gambling or hazardous speculations 272 Leaving Australia with intent to defeat creditors etc. 273 Trial of offences constituted by refusal, failure or omission to act 275 Criminal liability not affected by discharge etc. 276 Trustee acting under a personal insolvency agreement that has been set aside 277 Punishment of contempt of court 277A Keeping of books in respect of period of bankruptcy 277B Infringement notices for offences Part XV—Provisions relating to the Bankruptcy (Estate Charges) Act 1997 278 Interpretation 279 Administration of, and powers and functions in relation to, the Charges Acts 280 Deferred payment of interest charge or realisations charge 281 Late payment penalty—interest charge and realisations charge 282 Extension of time for payment—interest charge and realisations charge 283 Remission of interest charge, realisations charge and late payment penalty 284 Recovery of interest charge, realisations charge and late payment penalty 285 Payments by cheque or payment order 286 Regulations may deal with other matters Part XVI—Miscellaneous 301 Certain provisions in contracts etc. to be void 302 Certain provisions in bills of sale etc. to be void 302A Certain provisions in governing rules of superannuation funds and approved deposit funds to be void 302AB Certain provisions in RSA's terms and conditions to be void 302B Certain provisions in trust deeds void 303 Applications to Court 304 Parts of dollar to be disregarded in determining majority in value of creditors etc. 304A Indexation 305 Payment of expenses by Commonwealth 306 Formal defect not to invalidate proceedings 306A Protection of Registrars, magistrates etc. in relation to examinations 306B Protection in respect of reports 307 Proceedings in firm name 308 Representation of corporation etc. 309 Service of notices etc. 311 Stamp duty not payable on trustee's cheques or receipts 313 Audit of accounts and records of the Official Trustee and the Official Receivers 315 Regulations 316 Legislative instruments determining fees Schedule 1—Acts repealed Schedule 2—Insolvency Practice Schedule (Bankruptcy) Part 1—Introduction Division 1—Introduction 1‑1 Object of this Schedule 1‑5 Simplified outline of this Schedule Division 5—Definitions Subdivision A—Introduction 5‑1 Simplified outline of this Division Subdivision B—The Dictionary 5‑5 The Dictionary Subdivision C—Other definitions 5‑10 Meaning of current conditions 5‑15 Meaning of regulated debtor 5‑16 Meaning of regulated debtor's estate 5‑20 Meaning of trustee of a regulated debtor's estate 5‑25 References to the trustee of a regulated debtor's estate 5‑30 Persons with a financial interest in the administration of a regulated debtor's estate Division 6—Application of this Schedule to Official Trustee 6‑1 Schedule generally does not apply to the Official Trustee Part 2—Registering and disciplining practitioners Division 10—Introduction 10‑1 Simplified outline of this Part 10‑5 Working cooperatively with ASIC Division 15—Register of trustees 15‑1 Register of Trustees Division 20—Registering trustees Subdivision A—Introduction 20‑1 Simplified outline of this Division Subdivision B—Registration 20‑5 Application for registration 20‑10 Inspector‑General may convene a committee to consider 20‑15 Inspector‑General must refer applications to a committee 20‑20 Committee to consider applications 20‑25 Committee to report 20‑30 Registration 20‑35 Conditions imposed on all registered trustees or a class of registered trustees Subdivision C—Varying etc. conditions of registration 20‑40 Application to vary etc. conditions of registration 20‑45 Inspector‑General may convene a committee to consider applications 20‑50 Inspector‑General must refer applications to a committee 20‑55 Committee to consider applications 20‑60 Committee to report 20‑65 Committee's decision given effect Subdivision D—Renewal 20‑70 Application for renewal 20‑75 Renewal Subdivision E—Offences relating to registration 20‑80 False representation that a person is a registered trustee Division 25—Insurance 25‑1 Registered trustees to maintain insurance Division 30—Annual trustee returns 30‑1 Annual trustee returns Division 35—Notice requirements 35‑1 Notice of significant events 35‑5 Notice of other events Division 40—Disciplinary and other action Subdivision A—Introduction 40‑1 Simplified outline of this Division Subdivision B—Direction to comply 40‑5 Registered trustee to remedy failure to lodge documents or give information or documents 40‑10 Registered trustee to correct inaccuracies etc. 40‑15 Direction not to accept further appointments Subdivision C—Automatic cancellation 40‑20 Automatic cancellation Subdivision D—Inspector‑General may suspend or cancel registration 40‑25 Inspector‑General may suspend registration 40‑30 Inspector‑General may cancel registration 40‑35 Notice of suspension or cancellation Subdivision E—Disciplinary action by committee 40‑40 Inspector‑General may give a show‑cause notice 40‑45 Inspector‑General may convene a committee 40‑50 Inspector‑General may refer matters to the committee 40‑55 Decision of the committee 40‑60 Committee to report 40‑65 Inspector‑General must give effect to the committee's decision Subdivision F—Lifting or shortening suspension 40‑70 Application to lift or shorten suspension 40‑75 Inspector‑General may convene a committee to consider applications 40‑80 Inspector‑General must refer applications to a committee 40‑85 Committee to consider applications 40‑90 Committee to report 40‑95 Committee's decision given effect Subdivision G—Action initiated by industry body 40‑100 Notice by industry bodies of possible grounds for disciplinary action 40‑105 No liability for notice given in good faith etc. 40‑110 Meaning of industry bodies Division 45—Court oversight of registered trustees 45‑1 Court may make orders in relation to registered trustees 45‑5 Court may make orders about costs Division 50—Committees under this Part 50‑1 Simplified outline of this Division 50‑5 Prescribed body appointing a person to a committee 50‑10 Minister appointing a person to a committee 50‑15 Single committee may consider more than one matter 50‑20 Ongoing consideration of matters by committee 50‑25 Procedure and other rules relating to committees 50‑30 Remuneration of committee members 50‑35 Committee must only use information etc. for purposes for which disclosed Part 3—General rules relating to estate administrations Division 55—Introduction 55‑1 Simplified outline of this Part Division 60—Remuneration and other benefits received by the trustee Subdivision A—Introduction 60‑1 Simplified outline of this Division Subdivision B—Remuneration of trustees 60‑5 Trustee's remuneration 60‑10 Remuneration determinations—creditors or committee of inspection 60‑11 Remuneration determinations—Inspector‑General 60‑12 Remuneration determinations—general rules 60‑15 Maximum default amount Subdivision E—Duties of trustees relating to remuneration and benefits etc. 60‑20 Trustee must not derive profit or advantage from the administration of the estate 60‑21 Inducements to be appointed as trustee 60‑26 Payments in respect of performance by third parties Division 65—Funds handling 65‑1 Simplified outline of this Division 65‑5 Trustee must pay all money into the administration account 65‑10 Administration accounts 65‑15 Trustee must not pay other money into the administration account 65‑20 Consequences for failure to pay money into administration account 65‑25 Paying money out of administration account 65‑31 Interest on administration account 65‑32 Reconciliation of administration account 65‑40 Handling securities 65‑45 Handling of money and securities—Court directions 65‑46 Review of payments to third parties 65‑50 Rules in relation to consequences for failure to comply with this Division Division 70—Information Subdivision A—Introduction 70‑1 Simplified outline of this Division Subdivision B—Annual administration return 70‑5 Annual administration return Subdivision C—Record‑keeping 70‑6 Subdivision applies to the Official Trustee 70‑10 Administration books 70‑11 Trustee's books when trading 70‑15 Audit of administration books—Inspector‑General 70‑20 Audit of administration books—on order of the Court 70‑25 Trustee to comply with auditor requirements 70‑30 Transfer of books to new trustee 70‑35 Retention, return or destruction of books 70‑36 Return or destruction of irrelevant books Subdivision D—Giving information etc. to creditors and others 70‑37 Subdivision applies to the Official Trustee 70‑40 Right of creditors to request information etc. from trustee 70‑45 Right of individual creditor to request information etc. from trustee 70‑50 Reporting to creditors Subdivision E—Other requests for information etc. 70‑51 Subdivision applies to the Official Trustee 70‑55 Commonwealth may request information etc. 70‑56 Right of regulated debtor to request information etc. from trustee Subdivision F—Reporting to the Inspector‑General 70‑60 Insolvency Practice Rules may provide for reporting to Inspector‑General Subdivision G—Trustee may be compelled to comply with requests for information etc. 70‑65 Application of this Subdivision 70‑70 Inspector‑General may direct trustee to comply with the request for relevant material 70‑75 Inspector‑General must notify trustee before giving a direction under section 70‑70 70‑80 Inspector‑General must not direct trustee to give the relevant material if trustee entitled not to comply with the request 70‑85 Inspector‑General may impose conditions on use of the relevant material 70‑90 Court may order relevant material to be given Division 75—Meetings of creditors 75‑1 Simplified outline of this Division 75‑2 Division applies to the Official Trustee 75‑5 Other obligations to convene meetings not affected 75‑10 Trustee may convene meetings 75‑15 Trustee must convene meeting in certain circumstances 75‑20 Trustee must convene meeting if required by the Inspector‑General 75‑25 Trustee's representative at meetings 75‑30 Inspector‑General may attend meetings 75‑35 Commonwealth may attend certain meetings etc. 75‑40 Proposals to creditors without meeting 75‑50 Rules relating to meetings Division 80—Committees of inspection 80‑1 Simplified outline of this Division 80‑2 Division applies to the Official Trustee 80‑5 Application of sections 80‑10 to 80‑25 80‑10 Committee of inspection 80‑15 Appointment and removal of members of committee of inspection by creditors generally 80‑20 Appointment of committee member by large creditor 80‑25 Appointment of committee member by employees 80‑30 Committees of inspection—procedures etc. 80‑35 Functions of committee of inspection 80‑40 Committee of inspection may request information etc. 80‑45 Reporting to committee of inspection 80‑50 Committee of inspection may obtain specialist advice or assistance 80‑55 Obligations of members of committee of inspection 80‑60 Obligations of creditor appointing a member of committee of inspection 80‑65 The Inspector‑General may attend committee meetings 80‑70 The Court may inquire into conduct of the committee Division 85—Directions by creditors 85‑1 Simplified outline of this Division 85‑2 Division applies to the Official Trustee 85‑5 Trustee to have regard to directions given by creditors Division 90—Review of the administration of a regulated debtor's estate Subdivision A—Introduction 90‑1 Simplified outline of this Division Subdivision B—Court powers to inquire and make orders 90‑2 Subdivision applies to the Official Trustee 90‑5 Court may inquire on own initiative 90‑10 Court may inquire on application of creditors etc. 90‑15 Court may make orders in relation to estate administration 90‑20 Application for Court order Subdivision C—Review by Inspector‑General 90‑21 Review by Inspector‑General 90‑22 Rules about reviews Subdivision D—Removal by creditors 90‑30 Subdivision applies to the Official Trustee 90‑35 Removal by creditors Part 4—Other matters Division 95—Introduction 95‑1 Simplified outline of this Part Division 96—Administrative review 96‑1 Review by the Administrative Review Tribunal Division 100—Other matters 100‑1 Division applies to the Official Trustee 100‑5 Trustee may assign right to sue under this Act Division 105—The Insolvency Practice Rules 105‑1 The Insolvency Practice Rules Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history