BANKRUPTCY ACT 1966

PART XV - PROVISIONS RELATING TO THE BANKRUPTCY (ESTATE CHARGES) ACT 1997  

SECTION 281   LATE PAYMENT PENALTY - INTEREST CHARGE AND REALISATIONS CHARGE  

281(1)   [Calculation of penalty]  

If any interest charge or realisations charge remains unpaid after the time for payment of the charge, the person liable to pay the charge is liable to pay to the Commonwealth a late payment penalty calculated from that time at the rate of 20% per year on the amount unpaid.

281(2)   [No reimbursement]  

The person liable to pay late payment penalty is personally liable to pay the penalty and is not entitled to be reimbursed in respect of the penalty out of the bankrupt ' s estate, the deceased person ' s estate or the debtor ' s property, as the case may be.




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