BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4B - Contribution by bankrupt and recovery of property  

Subdivision HA - Supervised account regime  

SECTION 139ZIHA   NON-MONETARY INCOME RECEIPT ARRANGEMENTS  

139ZIHA(1)   Bankrupt not to enter into new arrangements.  

A bankrupt to whom the supervised account regime applies must not enter into a non-monetary income receipt arrangement.

139ZIHA(2)  
Subsection (1) does not apply if the bankrupt enters into the non-monetary income receipt arrangement in accordance with the consent of the trustee under subsection (5).

139ZIHA(3)   Bankrupt not to participate in existing arrangements.  

If a bankrupt was participating in a non-monetary income receipt arrangement immediately before becoming a bankrupt to whom the supervised account regime applies, the bankrupt must, as soon as practicable after becoming such a bankrupt, cease to participate in the arrangement.

139ZIHA(4)  
Subsection (3) does not apply if the bankrupt continues to participate in the non-monetary income receipt arrangement in accordance with the consent of the trustee under subsection (5).

139ZIHA(5)   Consent.  

The trustee may, by written notice given to the bankrupt:


(a) consent to the bankrupt entering into:


(i) a specified non-monetary income receipt arrangement; or

(ii) non-monetary income receipt arrangements included in a specified class of non-monetary income receipt arrangements; or


(b) consent to the bankrupt continuing to participate in:


(i) a specified non-monetary income receipt arrangement; or

(ii) non-monetary income receipt arrangements included in a specified class of non-monetary income receipt arrangements.

139ZIHA(6)  
The trustee may, by written notice given to the bankrupt, vary or revoke a consent.

139ZIHA(7)  
The powers conferred on the trustee by subsections (5) and (6) may be exercised:


(a) on his or her own initiative; or


(b) on the application of the bankrupt.

139ZIHA(8)  
If, following the bankrupt ' s application, the trustee refuses to exercise a power conferred by subsection (5) or (6), the trustee must give the bankrupt written notice of the refusal.

139ZIHA(9)   Offence.  

A person commits an offence if:


(a) the person is subject to a requirement under subsection (1) or (3); and


(b) the person engages in conduct; and


(c) the person ' s conduct breaches the requirement.

Penalty for contravention of this subsection: Imprisonment for 12 months.




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