Bankruptcy Act 1966
(a) requires the bankrupt, within:
(i) 10 business days after the notice is given to the bankrupt; or
to open an account (a supervised account ) that complies with the following requirements:
(ii) such longer period (if any) as is specified in the notice;
(iii) the account is kept with an ADI;
(iv) the account is kept in Australia;
(v) the account is denominated in Australian currency;
(vi) the account is held solely in the name of the bankrupt;
(vii) deposits may be made to, and withdrawals may be made from, the account;
(viii) the account is designed not to have a debit balance;
(ix) such other requirements (if any) as are specified in the notice; and
(b) requires the bankrupt to inform the ADI, when opening the account, that the account is a supervised account; and
(c) requires the bankrupt, after the account is opened, to maintain the account for so long as the notice is in force.
A supervised account notice must be in the approved form. 139ZIE(3) Compliance with supervised account notice.
A bankrupt to whom the supervised account regime applies must comply with a supervised account notice in force in relation to the bankrupt.139ZIE(4) When supervised account notice ceases to be in force.
A supervised account notice relating to a bankrupt ceases to be in force if the bankrupt ceases to be a bankrupt to whom the supervised account regime applies.
A supervised account notice may be revoked under subsection 139ZIEA(1) .139ZIE(5) Trustee to be notified of account details.
A bankrupt to whom the supervised account regime applies must, within 2 business days after opening a supervised account, give a written notice to the trustee setting out the following information about the supervised account:
(a) the name of the ADI concerned;
(b) the name in which the account is held;
(c) the account number;
(d) the BSB number concerned.
(a) the person is subject to a requirement under subsection (3) or (5); and
(b) the person engages in conduct; and
(c) the person ' s conduct breaches the requirement.
Penalty for contravention of this subsection: Imprisonment for 6 months.