Bankruptcy Act 1966
[ CCH Note: Act No 80 of 2004, s 3 and Sch 2 item 12 contained the following transitional provision, effective 1 December 2004:
the application is a
pre-commencement annulment application
. as if those repeals had not happened and those amendments had not been made.
12 Transitional
-
annulments
]
(1)
For the purposes of this item, if a composition or scheme of arrangement under Division 6 of Part IV of the
Bankruptcy Act 1966
was annulled before 1 December 2004, the annulment is a
pre-commencement annulment
.
(2)
For the purposes of this item, if:
(a)
an application is made before 1 December 2004 under subsection 75(4) of the
Bankruptcy Act 1966
for the annulment of a composition or scheme of arrangement; and
(b)
as at 1 December 2004, proceedings in relation to that application have not been finally determined;
(3)
Despite the repeals and amendments made by items 1, 2, 3, 7, 8, 9 and 10 of this Schedule and item 41 of Schedule 1, the
Bankruptcy Act 1966
and regulations under that Act continue to apply, in relation to:
(a)
a pre-commencement annulment; and
(b)
a pre-commencement annulment application; and
(c)
an annulment that results from a pre-commencement annulment application;
Subject to this section, a composition or scheme of arrangement accepted in accordance with this Division is binding on all the creditors of the bankrupt so far as relates to provable debts due to them from the bankrupt.
View history note
Hide history note75(2)
The acceptance of a composition or scheme of arrangement does not: (a) except with the consent of the creditor to whom the debt is due, release the bankrupt from a provable debt that would not be released by his or her discharge from bankruptcy; or (b) release any other person from any liability from which he or she would not be released by the discharge of the bankrupt.
[ CCH Note: Modification Declaration FRLI No F2021L00261 (FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Subsection 75(2) of the Act is modified by repealing the subsection.]
75(3)
The provisions of a composition or scheme of arrangement that has been accepted in accordance with this Division may be enforced by the Court on application by a person interested, and disobedience of an order of the Court made on the application is a contempt of the Court and is punishable accordingly.
75(4)
(Repealed by No 80 of 2004)
75(5)
(Repealed by No 80 of 2004)
75(6)
(Repealed by No 80 of 2004)
75(7)
(Repealed by No 80 of 2004)
75(8)
(Repealed by No 80 of 2004)
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
