Bankruptcy Act 1966
[ CCH Note: Act No 80 of 2004, s 3 and Sch 2 item 12 contained the following transitional provision, effective 1 December 2004:
the application is a
pre-commencement annulment application
. as if those repeals had not happened and those amendments had not been made.
12 Transitional
-
annulments
]
(1)
For the purposes of this item, if a composition or scheme of arrangement under Division 6 of Part IV of the
Bankruptcy Act 1966
was annulled before 1 December 2004, the annulment is a
pre-commencement annulment
.
(2)
For the purposes of this item, if:
(a)
an application is made before 1 December 2004 under subsection 75(4) of the
Bankruptcy Act 1966
for the annulment of a composition or scheme of arrangement; and
(b)
as at 1 December 2004, proceedings in relation to that application have not been finally determined;
(3)
Despite the repeals and amendments made by items 1, 2, 3, 7, 8, 9 and 10 of this Schedule and item 41 of Schedule 1, the
Bankruptcy Act 1966
and regulations under that Act continue to apply, in relation to:
(a)
a pre-commencement annulment; and
(b)
a pre-commencement annulment application; and
(c)
an annulment that results from a pre-commencement annulment application;
Subject to this section, a composition or scheme of arrangement accepted in accordance with this Division is binding on all the creditors of the bankrupt so far as relates to provable debts due to them from the bankrupt.
View history note
Hide history note75(2)
The acceptance of a composition or scheme of arrangement does not: (a) except with the consent of the creditor to whom the debt is due, release the bankrupt from a provable debt that would not be released by his or her discharge from bankruptcy; or (b) release any other person from any liability from which he or she would not be released by the discharge of the bankrupt.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 75(2) of the Act is modified by repealing the subsection.]
75(3)
The provisions of a composition or scheme of arrangement that has been accepted in accordance with this Division may be enforced by the Court on application by a person interested, and disobedience of an order of the Court made on the application is a contempt of the Court and is punishable accordingly.
75(4)
(Repealed by No 80 of 2004)
75(5)
(Repealed by No 80 of 2004)
75(6)
(Repealed by No 80 of 2004)
75(7)
(Repealed by No 80 of 2004)
75(8)
(Repealed by No 80 of 2004)
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