BANKRUPTCY ACT 1966

PART IV - PROCEEDINGS IN CONNEXION WITH BANKRUPTCY  

Division 4 - Effect of bankruptcy on property and proceedings  

SECTION 58A   VESTING OF PROPERTY UPON BANKRUPTCY - EFFECT OF ORDERS IN FORCE UNDER THE PROCEEDS OF CRIME LAW  

58A(1)   If a restraining order or forfeiture order is in force.  

If property of a bankrupt is covered by a restraining order, or a forfeiture order, made before the date of the bankruptcy, subsection 58(1) does not apply to property that is covered by the order while that property is so covered.

58A(2)   If a pecuniary penalty order is in force.  

If a pecuniary penalty order is made against a bankrupt before the date of the bankruptcy, subsection 58(1) does not apply to any of the property of the bankrupt while the order is in force.

Note:

For proceeds of crime orders made on or after the date of the bankruptcy, and applications for proceeds of crime orders, see sections 114A to 114C .

58A(3)   Notifying the trustee of grounds for subsection 58(1) to apply to property.  

If circumstances arise as a result of which this section no longer prevents subsection 58(1) applying to property of the bankrupt, the Director of Public Prosecutions (or the Commissioner of the Australian Federal Police, if the Commissioner is the Commonwealth proceeds of crime authority that is the responsible authority for the order under the Proceeds of Crime Act 2002 ) must, as soon as practicable, give the trustee written notice of the existence of the circumstances.




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