BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 65 - Funds handling  

SECTION 65-31   INTEREST ON ADMINISTRATION ACCOUNT  

65-31(1)  
The trustee of a regulated debtor ' s estate is entitled, in his or her personal capacity, to each payment of interest on the administration account for the estate, less an amount equal to the bank fees or charges (if any) paid or payable on the account during the period to which the interest relates.

65-31(2)  
If, under subsection (1), the trustee is only entitled to part of a payment of interest, the rest of that payment:


(a) if the administration account contains money from only one estate of a regulated debtor - forms part of that estate; or


(b) if the administration account contains money from more than one estate of a regulated debtor or regulated debtors - forms part of those estates in proportion to the respective amounts of money held in the administration account on account of each of those estates.

65-31(3)  
Interest on money in the administration account for a regulated debtor ' s estate is not subject to taxation under a law of the Commonwealth, a State or a Territory except as provided in Part 2 of the Bankruptcy (Estate Charges) Act 1997 .




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