BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 3 - Property available for payment of debts  

Subdivision B - Superannuation contributions  

SECTION 128E   SUPERANNUATION ACCOUNT-FREEZING NOTICE  

128E(1)   Scope.  

This section applies in relation to a member of an eligible superannuation plan if the Official Receiver has reasonable grounds to believe that:


(a) a transaction is void against the trustee of a bankrupt ' s estate under section 128B or 128C ; and


(b) either:


(i) the whole or a part of the member ' s superannuation interest is attributable to the transaction; or

(ii) the trustee of the bankrupt ' s estate has made an application for a section 139ZU order that relates to the transaction and the member ' s superannuation interest.

128E(2)   Giving of freezing notice.  

The Official Receiver may, by written notice (a superannuation account-freezing notice ) given to the trustee of the eligible superannuation plan, direct the trustee of the plan not to:


(a) cash or debit; or


(b) permit the cashing, debiting, roll-over, transfer or forfeiture of;

the whole or any part of the superannuation interest except:


(c) for the purposes of complying with a notice under section 139ZQ ; or


(d) for the purposes of complying with an order under section 139ZU ; or


(e) for the purposes of charging costs against, or debiting costs from, the superannuation interest; or


(f) for the purposes of giving effect to a family law payment split; or


(g) in accordance with the written consent of the Official Receiver given under section 128H ; or


(h) for the purposes of complying with an order under paragraph 128K(1)(b) ; or


(i) for the purposes of complying with an order under subsection 139ZT(2) ; or


(j) in such circumstances (if any) as are specified in the regulations.

128E(3)   [ Contents of freezing notice]  

The superannuation account-freezing notice must set out the facts and circumstances because of which the Official Receiver considers that the Official Receiver has reasonable grounds to believe that:


(a) the transaction is void against the trustee of the bankrupt ' s estate under section 128B or 128C; and


(b) either:


(i) the whole or a part of the member ' s superannuation interest is attributable to the transaction; or

(ii) the trustee of the bankrupt ' s estate has made an application for a section 139ZU order that relates to the transaction and the member ' s superannuation interest.

128E(4)   When Official Receiver may give freezing notice.  

The Official Receiver may give the superannuation account-freezing notice:


(a) if the Official Trustee is the trustee of the bankrupt ' s estate - on the initiative of the Official Receiver; or


(b) if a registered trustee is the trustee of the bankrupt ' s estate - on application by the registered trustee.

128E(5)   When freezing notice comes into force.  

The superannuation account-freezing notice comes into force when the notice is given to the trustee of the eligible superannuation plan.




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