Bankruptcy Amendment (Debt Agreement Reform) Act 2018 (118 of 2018)

Schedule 1   Debt agreement proposals

Part 1   Persons who may be authorised to deal with debtor's property

Division 1   Main amendments

Bankruptcy Act 1966

5   Transitional provisions - replacement administrator

(1) If, immediately before the end of the period of 3 months beginning on the day this item commences:

(a) a person is the administrator of a debt agreement; and

(b) the person is none of the following:

(i) the Official Trustee;

(ii) a registered trustee;

(iii) a registered debt agreement administrator;

then:

(c) on the day after the end of that period, the person ceases to be the administrator of that debt agreement; and

(d) on the day after the end of that period, the Official Trustee is taken to become the replacement administrator of that debt agreement, under section 185ZB of the Bankruptcy Act 1966; and

(e) subsection 185ZB(6) of that Act applies to that replacement.

Compensation for acquisition of property

(2) If the operation of this item would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person.

(3) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.