BANKRUPTCY ACT 1966

PART XVI - MISCELLANEOUS  

SECTION 301   CERTAIN PROVISIONS IN CONTRACTS ETC. TO BE VOID  

301(1)  


A provision in a contract or agreement for the sale of property, in a lease of property, in a hire-purchase agreement, in a licence or in a PPSA security agreement to the effect that:


(a) the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement is to terminate, or may be terminated by the vendor, lessor, owner, licensor or PPSA secured party; or


(b) the operation of the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement is to be modified; or


(c) property to which the contract, agreement, lease, hire-purchase agreement, licence or PPSA security agreement relates may be repossessed by or on behalf of the vendor, lessor, owner, licensor or PPSA secured party;

if the purchaser, lessee, hirer, licensee or PPSA grantor or debtor becomes a bankrupt or commits an act of bankruptcy or executes a personal insolvency agreement under this Act is void.

301(2)  
This section extends to contracts, agreements, leases, hire-purchase agreements and licences entered into or granted before the commencement of this Act.

301(2A)  
This section extends to a PPSA security agreement entered into at or after the time this subsection commences.

Note:

This subsection commenced at the registration commencement time within the meaning of section 306 of the Personal Property Securities Act 2009 .

301(3)  
In this section:

lease
includes an agreement for a lease.

lessee
includes a person who has agreed to take a lease.

lessor
includes a person who has agreed to grant a lease.




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