Bankruptcy Act 1966
Where: (a) the property of a bankrupt includes rights in respect of industrial property; and (b) the bankrupt is liable to pay royalties or a share of profits to a person in respect of those rights;
the trustee is not entitled:
(c) to exercise those rights except upon condition that he or she pays to that person such sums by way of royalty or share of profits as would have been payable by the bankrupt; or (d) without the consent of that person or of the Court, to assign or transfer, or grant any licence or permission in respect of, those rights, except upon terms that will secure to that person payments by way of royalty or share of profits at a rate not less than that at which the bankrupt was liable to pay.[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 138(1) of the Act is modified by substituting para (a) and (b), substituting " the debtor " for " the bankrupt " in para (c) and (d), substituting " an estate of a deceased debtor " for " a bankrupt " in para (a) and substituting " estate " for " bankrupt " in para (b), (c) and (d):
]
(a) the property of a debtor that is subject to a personal insolvency agreement includes rights in respect of industrial property; and
(b) the debtor is liable to pay royalties or a share of profits to a person in respect of those rights;
138(2)
In this section:
(a) the copyright in any work;
(b) a patent in respect of an invention;
(c) a registered trade mark; or
(d) the copyright in a registered design.
registered design
means a design registered under a law of the Commonwealth relating to industrial designs.
registered trade mark
means a trade mark registered under a law of the Commonwealth relating to trade marks.
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