BANKRUPTCY ACT 1966

PART X - PERSONAL INSOLVENCY AGREEMENTS  

Division 2 - Meeting of creditors and control of debtor ' s property  

SECTION 204   RESOLUTION FOR PERSONAL INSOLVENCY AGREEMENT  

204(1)   [Special resolution]  

The creditors may, at a meeting called in pursuance of an authority under section 188 , by special resolution:


(a) where the debtor ' s property is subject to control under this Division, resolve that the debtor ' s property be no longer subject to control under this Division;


(b) require the debtor to execute a personal insolvency agreement; or


(c) (Repealed by No 80 of 2004)


(d) require the debtor to present a debtor ' s petition within 7 days from the day on which the resolution was passed.

204(2)   [Provisions to be specified]  

A special resolution requiring a debtor to execute a personal insolvency agreement must specify the provisions to be included in the agreement.

204(3)   [Trustees to be nominated]  

If a special resolution requiring the debtor to execute a personal insolvency agreement has been passed, the creditors must, by resolution, nominate a trustee or trustees to be trustee or trustees of the agreement.

204(4)  
(Repealed by No 80 of 2004)

204(5)   [Creditors ' powers to nominate]  

The creditors may, in nominating a trustee or trustees for the purposes of subsection (3):


(a) nominate 2 or more trustees to hold the office of trustee jointly, or jointly and severally; and


(b) nominate trustees to be trustees of the personal insolvency agreement in succession in the event of one or more of the trustees nominated declining to act or ceasing for any reason to hold the office of trustee.

204(6)   [Vesting of property in joint trustees]  

Property of the debtor that vests in 2 or more trustees of a personal insolvency agreement, whether nominated to hold the office jointly, or jointly and severally, vests in those trustees as joint tenants.

204(7)   [Interpretation]  

In this section:

trustee
means registered trustee or Official Trustee.

204(8)  
(Omitted by No 44 of 1996, Sch 1, Pt 1(349).)




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