Bankruptcy Regulations 1996

PART 6 - ADMINISTRATION OF PROPERTY  

REGULATION 6.02   MAXIMUM AMOUNT PAYABLE TO EMPLOYEE  

6.02(1)  
For the purposes of paragraph 109(1)(e) of the Act, the maximum amount due to or in respect of an employee of a bankrupt is:


(a) in the case of a bankruptcy occurring or continuing in the period commencing on the commencement date and ending at the end of 30 June 1997 - $3,100; or


(b) in the case of a bankruptcy occurring in a financial year commencing on 1 July 1997 or on 1 July of a subsequent year - the amount worked out in accordance with subregulation (2).

6.02(2)  
For the purposes of subparagraph (1)(b), the applicable amount is:


(a) in the case of the financial year commencing on 1 July 1997 - $3,100 increased in accordance with the CPI rate for the financial year that commenced on 1 July 1996 and rounded down to the nearest multiple of $50; and


(b) in the case of a subsequent financial year - the amount worked out in accordance with this subregulation for the immediately preceding financial year, increased in accordance with the CPI rate for that financial year and rounded down to the nearest multiple of $50.

Example: In the case of a bankruptcy occurring in the financial year 1997-1998, the applicable CPI rate is the rate for 1996-1997.

Note:

For the meaning of financial year , see para 22(1)(e) of the Acts Interpretation Act 1901 .




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