BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 55 - Introduction  

SECTION 55-1   SIMPLIFIED OUTLINE OF THIS PART  

This Part sets out requirements for conducting the administration of a regulated debtor ' s estate.

The main provisions deal with:

  • (a) the remuneration of the trustee; and
  • (b) the duties of the trustee in handling the money and other property of the estate; and
  • (c) conflicts of interest; and
  • (d) the duties of the trustee to keep appropriate records, to report to the Inspector-General and to give information, documents and reports to creditors and others; and
  • (e) creditor meetings; and
  • (f) the creation and conduct of a committee to monitor the administration (called a committee of inspection); and
  • (g) the rights of creditors to review the administration; and
  • (h) the rights of creditors to remove the trustee and appoint another; and
  • (i) the review of the administration by the Court.
  • There are additional rules that apply to the administration of a regulated debtor ' s estate (for example, about appointment of the trustee) in this Act.




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