Bankruptcy Act 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 4 - Realization of property  

SECTION 132   VESTING AND TRANSFER OF PROPERTY  

132(1)    
Subject to this section, and to section 158, where a trustee is appointed by the creditors, the property of the bankrupt passes to and vests in the trustee so appointed on the day on which the appointment takes effect.

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History

S 132(1) amended by No 74 of 1981, s 133.

132(2)    
Subject to this section, the property of the bankrupt passes from trustee to trustee and vests in the trustee for the time being during his or her continuance in office or, if the Official Trustee becomes the trustee, in the Official Trustee, without any conveyance, assignment or transfer.

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History

S 132(2) amended by No 21 of 1985, s 132.

132(3)    

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Where a law of the Commonwealth or of a State or Territory requires the transmission of property to be registered, and enables the trustee to be registered as the owner of any such property that is part of the property of the bankrupt, that property, notwithstanding that it vests in equity in the trustee by virtue of this section, does not vest in the trustee at law until the requirements of that law have been complied with.

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History

S 132(3) amended by No 154 of 2020, s 3 and Sch 3 item 12(k), by substituting " Territory " for " Territory of the Commonwealth " , effective 2 August 2021. For application, saving and transitional provisions, see note under section 7(2) of the Act.

132(4)    
(Omitted by No 12 of 1980, s 64.)

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