BANKRUPTCY ACT 1966

PART VIII - TRUSTEES  

Division 5 - Vacation of office  

SECTION 183   RELEASE OF REGISTERED TRUSTEE BY THE COURT  

183(1)   [Application for release]  

A trustee may apply to the Court for an order of release from the trusteeship of an estate.

183(2)   [Court ' s powers]  

Where the Court is satisfied that the trustee:


(a) has realized all the property of the bankrupt or so much of it as can be realized without unduly protracting the trusteeship or has distributed a final dividend;


(b) has ceased to act by reason of the approval of a composition or scheme of arrangement under Division 6 of Part IV ; or


(c) has resigned or has been removed from office;

the Court may make the order sought.

183(3)   [Consideration of objections]  

In hearing the application, the Court must also consider any objection to the order sought that is made by the Inspector-General, the Official Receiver, a creditor or any other interested person.

183(4)   [Effect of order]  

An order of release under this section:


(a) discharges the trustee from all liability in respect of any act done or default made by him or her in the administration of the estate of the bankrupt; and


(b) if the trustee has not already resigned or been removed from office, operates to remove him or her from office.

183(5)   [Revocation]  

An order of release under this section may be revoked by the Court on proof that it was obtained by fraud or by suppression or concealment of a material fact.

183(6)   [Order for release of trustee ' s estate]  

Where a trustee has died, the person administering the estate of the trustee may apply to the Court for an order releasing the trustee ' s estate from any claims arising out of the trustee ' s administration of an estate of which he or she was trustee and, upon such an application, the Court may make such order as it thinks proper in the circumstances.

183(7)   [The Official Trustee]  

This section does not apply in relation to the Official Trustee.

183(8)  
(Omitted by No 12 of 1980, s 96.)




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