BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4B - Contribution by bankrupt and recovery of property  

Subdivision J - Collection of money or property by Official Receiver from party to transaction that is void against the trustee  

SECTION 139ZQ   OFFICIAL RECEIVER MAY REQUIRE PAYMENT  

139ZQ(1)   [Written notice]  

If a person has received any money or property as a result of a transaction that is void against the trustee of a bankrupt under Division 3 , the Official Receiver:


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


(b) if a registered trustee is the trustee - on application by the trustee;

may require the person, by written notice given to the person, to pay to the trustee an amount equal to whichever of the following is applicable:


(c) if:


(i) the transaction is void against the trustee under section 128B or 128C ; and

(ii) the transaction is by way of a contribution to an eligible superannuation plan for the benefit of a person (the beneficiary ) who may or may not be the bankrupt; and

(iii) the beneficiary is a member of the eligible superannuation plan;
whichever is the lesser of the following:

(iv) the money or the value of the property received;

(v) the beneficiary ' s withdrawal benefit in relation to the eligible superannuation plan;


(d) in any other case - the money or the value of the property received.

139ZQ(2)   [Notice must set out facts and circumstances]  

The notice must set out the facts and circumstances because of which the Official Receiver considers that the transaction is void against the trustee.

139ZQ(3)   [Paid at a time etc or such times etc]  

The notice may:


(a) require the amount to be paid at a time or within a period set out in the notice; or


(b) require the amount to be paid at such times, and in such instalments, as are set out in the notice.

139ZQ(4)   [Official Receiver may revoke or amend]  

After the Official Receiver has given a notice to a person under subsection (1), the Official Receiver may at any time, by a further notice given to the person, revoke or amend the first-mentioned notice.

139ZQ(5)   [Copy of notice]  

If the Official Receiver gives a notice under this section, the Official Receiver must send a copy of the notice to the bankrupt and, if a registered trustee is the trustee, to the trustee.

139ZQ(6)   [Notice to Commonwealth, State or Territory etc]  

A notice to be given under this section to the Commonwealth, a State or a Territory, or to an authority of the Commonwealth, of a State or of a Territory, is taken to be duly given if it is given to a person who, by any law, regulation, appointment or authority, has the function of paying, or in fact pays, money on behalf of a Department of the Commonwealth, of that State or of that Territory, or on behalf of the authority, as the case may be.

139ZQ(7)   [Complied with if property transferred]  

If a person is required by a notice under this section to pay to the trustee the value of any property, the requirement is taken to be complied with if the property is transferred to the trustee.

139ZQ(8)   [Recoverable by trustee as a debt]  

An amount payable by a person to the trustee under this section is recoverable by the trustee as a debt by action against the person in a court of competent jurisdiction.

139ZQ(9)   [ Benefit payable on death]  

For the purposes of subparagraph (1)(c)(ii), disregard a benefit that is payable in the event of the death of a person.

139ZQ(10)   [ Definitions]  

In this section:

contribution
has the same meaning as in Subdivision B of Division 3 .

eligible superannuation plan
has the same meaning as in Subdivision B of Division 3 .

member
of an eligible superannuation plan has the same meaning as in Subdivision B of Division 3 .

withdrawal benefit
has the same meaning as in Subdivision B of Division 3 .




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