BANKRUPTCY ACT 1966

PART X - PERSONAL INSOLVENCY AGREEMENTS  

Division 3 - General provisions  

SECTION 231   APPLICATION OF GENERAL PROVISIONS OF ACT TO PERSONAL INSOLVENCY AGREEMENTS  

231(1)  
Sections 77 , 77A , 77AA , 77C , 77D , 77E , 77F, 78 (other than paragraphs 78(1)(a) , (b) and (c)) and 81 apply, with the prescribed modifications (if any), in relation to a debtor who has executed a personal insolvency agreement as if:


(a) the debtor were a bankrupt; and


(b) the trustee of the agreement were the trustee of the estate of the bankrupt debtor.

231(2)  
Section 78 (other than paragraphs 78(1)(d) and (f)) applies, with the prescribed modifications (if any), in relation to a debtor who has executed a personal insolvency agreement as if the debtor were a debtor against whom a bankruptcy notice has been presented.

231(3)  
Subsection 58(4) and sections 60 , 61 , 62 , 82 to 118 , 127 to 130 and 133 to 139H , Subdivisions I and J of Division 4B of Part VI and sections 140 to 147 apply, with the prescribed modifications (if any), in relation to such an agreement as if:


(a) a creditor ' s petition had been presented against the debtor by whom the agreement was executed on the day on which the special resolution requiring the execution of the agreement was passed; and


(b) a sequestration order had been made against him or her on that petition on the day on which he or she executed the agreement; and


(c) the trustee of the agreement were the trustee in his or her bankruptcy.

231(4)  
In the application, by virtue of subsections (1), (2) and (3), of the provisions referred to in those subsections:


(a) a reference to the property of the bankrupt is to be read as a reference to the divisible property of the debtor; and


(b) a reference to a provable debt is to be read as a reference to a provable debt within the meaning of this Part; and


(c) a reference to the end of the bankruptcy is to be read as a reference to the end of the personal insolvency agreement.

231(5)  
Part VIII applies, with any modifications prescribed by the regulations, in relation to a trustee of a personal insolvency agreement as if:


(a) the debtor by whom the agreement was executed were a bankrupt; and


(b) the trustee of the agreement were the trustee in his or her bankruptcy.

231(6)  
If, after taking into account the prescribed modifications and the provisions of subsection (4), a provision specified in subsection (1), (2), (3) or (5) is incapable of application in relation to a personal insolvency agreement, or the trustee of such an agreement, as the case requires, or is inconsistent with this Part, that provision does not so have application.

231(7)  
This Division does not empower the Court to stay any proceedings under a proceeds of crime law.




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