BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 3 - Property available for payment of debts  

Subdivision B - Superannuation contributions  

SECTION 128F   REVOCATION OF SUPERANNUATION ACCOUNT-FREEZING NOTICE  

128F(1)   Revocation of freezing notice by Official Receiver.  

If a superannuation account-freezing notice is in force in relation to a member of an eligible superannuation plan, the Official Receiver may, by written notice given to the trustee of the plan, revoke the superannuation account-freezing notice.

128F(2)   [ When the Official Receiver may revoke freezing notice]  

The Official Receiver may revoke a superannuation account-freezing notice that relates to a member of an eligible superannuation plan:


(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; or


(c) in any case - on application by the member.

128F(3)   Revocation of freezing notice when section 139ZQ notice complied with etc.  

If:


(a) subparagraph 128E(1)(b)(i) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and


(b) during the 180-day period after the superannuation account-freezing notice comes into force, a section 139ZQ notice is given in relation to the transaction referred to in paragraph 128E(1)(a) ;

the superannuation account-freezing notice is revoked:


(c) when the trustee of the plan complies with the section 139ZQ notice; or


(d) when the section 139ZQ notice is revoked; or


(e) when the Court sets aside the section 139ZQ notice.

128F(4)   Revocation of freezing notice if no section 139ZQ notice given after 180 days.  

If subparagraph 128E(1)(b)(i) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account-freezing notice is revoked if:


(a) 180 days pass after the notice comes into force; and


(b) no section 139ZQ notice has been given in relation to the transaction referred to in paragraph 128E(1)(a) .

128F(5)   Revocation of freezing notice when section 139ZU order complied with etc.  

If:


(a) subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and


(b) during the 180-day period after the superannuation account-freezing notice comes into force, a section 139ZU order is made in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member ' s superannuation interest;

the superannuation account-freezing notice is revoked:


(c) when the trustee of the plan complies with the section 139ZU order; or


(d) when the section 139ZU order is set aside on appeal.

128F(6)   Revocation of freezing notice when application for section 139ZU order dismissed or withdrawn.  

If:


(a) subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan; and


(b) during the 180-day period after the superannuation account-freezing notice comes into force:


(i) the Court dismisses an application for a section 139ZU order in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member ' s superannuation interest; or

(ii) an application for a section 139ZU order in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member ' s superannuation interest is withdrawn;

the superannuation account-freezing notice is revoked.

128F(7)   Revocation of freezing notice if no section 139ZU order made after 180 days.  

If subparagraph 128E(1)(b)(ii) applied in relation to a superannuation account-freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account-freezing notice is revoked if:


(a) 180 days pass after the notice comes into force; and


(b) no section 139ZU order has been made in relation to the transaction referred to in paragraph 128E(1)(a) and in relation to the member ' s superannuation interest.

128F(8)   Extension of 180-day period.  

The Court may, on application by the Official Receiver, extend, or further extend, the 180-day period referred to in subsection (5), (6) or (7).

128F(9)   [ When the Official Receiver may make an application]  

The Official Receiver may make an application under subsection (8):


(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.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.