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 65-45   HANDLING OF MONEY AND SECURITIES - COURT DIRECTIONS  

65-45(1)  
The Court may, on application, give directions regarding the payment, deposit or custody of:


(a) money; and


(b) bills of exchange, promissory notes and other negotiable instruments and securities;

that are payable to, or held by, the trustee of a regulated debtor ' s estate.

65-45(2)  
The Court may, on application, give directions authorising the trustee of a regulated debtor ' s estate to make payments into and out of a special bank account.

65-45(3)  
Without limiting subsection (2), the Court may:


(a) authorise the payments for the time and on the terms it thinks fit; and


(b) if the Court thinks the account is no longer required - at any time order it to be closed.

65-45(4)  
A copy of an order under paragraph (3)(b) must be served by the trustee on the bank with which the special bank account was opened.

65-45(5)  
An application under this section may be made by a person with a financial interest in the administration of the regulated debtor ' s estate.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.