BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4B - Contribution by bankrupt and recovery of property  

Subdivision K - Rolled-over superannuation interests etc.  

SECTION 139ZU   ORDER RELATING TO ROLLED-OVER SUPERANNUATION INTERESTS ETC.  

139ZU(1)   [ Application]  

If, on application by the trustee of a bankrupt ' s estate, the Court is satisfied that:


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


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


(c) the beneficiary ' s withdrawal benefit in relation to the first plan falls short of the amount of the money, or the value of the property, received as a result of the transaction; and


(d) the beneficiary has a superannuation interest in another eligible superannuation plan; and


(e) the superannuation interest referred to in paragraph (d) is attributable, in whole or in part, to the roll-over or transfer, after the transaction referred to in paragraph (a) happened, of the whole or a part of the beneficiary ' s superannuation interest in the first plan;

the Court may, by order, direct the trustee of the other eligible superannuation plan to pay to the trustee of the bankrupt ' s estate a specified amount not exceeding whichever is the lesser of the following:


(f) the amount of the shortfall referred to in paragraph (c);


(g) the beneficiary ' s withdrawal benefit in relation to the other eligible superannuation plan.

139ZU(2)   [ Conditions]  

The Court must not make an order under subsection (1) unless it is satisfied that it is in the interests of the creditors of the bankrupt to do so.

139ZU(3)   [ Time of transaction]  

For the purposes of paragraph (1)(a), it is immaterial whether the transaction occurred before, at or after the commencement of this section.

139ZU(4)   [ Where benefits payable on death]  

For the purposes of paragraph (1)(b), disregard a benefit that is payable in the event of the death of a person.

139ZU(5)   [ Where beneficiary has no superannuation interest]  

For the purposes of paragraph (1)(c), if the beneficiary does not have a superannuation interest in an eligible superannuation plan, the beneficiary is taken to have a nil withdrawal benefit in relation to the plan.

139ZU(6)   [ Conditions of roll-over or transfer]  

For the purposes of paragraph (1)(e), it is immaterial whether the roll-over or transfer occurred directly or indirectly through one or more interposed eligible superannuation plans.

139ZU(7)   [ Copy of application]  

An applicant under subsection (1) must give a copy of the application to:


(a) the trustee of the other eligible superannuation plan; and


(b) the beneficiary.

139ZU(8)   [ Appearances at hearing]  

At the hearing of an application under subsection (1):


(a) the trustee of the other eligible superannuation plan; and


(b) the beneficiary.

may appear, adduce evidence and make submissions.

139ZU(9)   [ Account freezing]  

For the purposes of sections 128E , 128F and 128J , an order under this section is taken to relate to:


(a) the transaction referred to in paragraph (1)(a) of this section; and


(b) the beneficiary ' s superannuation interest referred to in paragraph (1)(d) of this section.




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