BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4B - Contribution by bankrupt and recovery of property  

Subdivision HA - Supervised account regime  

SECTION 139ZIC   TRUSTEE MAY DETERMINE THAT THE SUPERVISED ACCOUNT REGIME APPLIES TO THE BANKRUPT  

139ZIC(1)   [Determination by notice]  

The trustee of a bankrupt ' s estate may, by written notice given to the bankrupt, determine that the supervised account regime applies to the bankrupt.

139ZIC(2)   [Liability to pay contributions]  

The trustee must not make a determination under subsection (1) in relation to the bankrupt unless, at the time the determination is made:


(a) the bankrupt is liable to pay a contribution; and


(b) either:


(i) if the trustee has made a determination under section 139ZG permitting the contribution to be paid by instalments - the bankrupt has not paid the whole of an instalment at or before the time when it became payable; or

(ii) if the trustee has made a determination under section 139ZG requiring the bankrupt to pay the contribution at a specified time - the bankrupt has not paid the whole of the contribution at or before the time when it became payable.

139ZIC(3)   [Notice]  

A notice under subsection (1) must be in the approved form.

139ZIC(4)   [Additional documentation]  

A notice under subsection (1) must be accompanied by:


(a) a supervised account notice relating to the bankrupt concerned; and


(b) a statement setting out:


(i) the effect of sections 139ZIE to 139ZIT ; and

(ii) such other information (if any) as is specified in the regulations.




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