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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Bankruptcy Amendment (Enterprise
Incentives) Bill 2017
No. , 2017
(Attorney-General)
A Bill for an Act to amend the Bankruptcy Act 1966,
and for related purposes
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Bankruptcy Act 1966
3
Part 1--Amendments
3
Bankruptcy Act 1966
3
Part 2--Application and transitional provisions
9
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
1
A Bill for an Act to amend the Bankruptcy Act 1966,
1
and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Bankruptcy Amendment (Enterprise Incentives) Act
5
2017.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
No. , 2017
Commencement information
Column 1
Column 2
Column 3
Provisions
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
The day after the end of the period of 6
months beginning on the day this Act
receives the Royal Assent.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedules
7
Legislation that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Bankruptcy Act 1966 Schedule 1
Amendments Part 1
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
3
Schedule 1--Bankruptcy Act 1966
1
Part 1--Amendments
2
Bankruptcy Act 1966
3
1 At the end of subsection 59(1)
4
Add:
5
; and (f) any liability of the person to pay a contribution to the trustee
6
in the earlier bankruptcy in respect of a contribution
7
assessment period under Division 4B of Part VI ceases (and
8
the contribution assessment period comes to an end).
9
2 At the end of section 59
10
Add:
11
(7) Paragraph (1)(f):
12
(a) does not affect a liability under Division 4B of Part VI that is
13
attributable to the contribution assessment period brought to
14
an end under that paragraph (and the trustee in the later
15
bankruptcy may exercise any power that would otherwise
16
have been exercisable by the trustee in the earlier bankruptcy
17
under that Division in relation to any such liability had the
18
contribution assessment period not ceased); and
19
(b) does not limit any ability to establish a new contribution
20
assessment period in relation to the later bankruptcy.
21
3 Section 80 (heading)
22
Repeal the heading, substitute:
23
80 Notification of change in contact details
24
4 Subsection 80(1)
25
Repeal the subsection, substitute:
26
(1) If during the prescribed period a change occurs in:
27
(a) the bankrupt's name; or
28
(b) the address of the bankrupt's principal place of residence; or
29
Schedule 1 Bankruptcy Act 1966
Part 1 Amendments
4
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
No. , 2017
(c) any telephone number usually used by the bankrupt for
1
telephone calls;
2
the bankrupt must, within 10 business days after the change occurs,
3
tell the trustee, in a manner determined or approved by the trustee,
4
of the change.
5
Penalty: Imprisonment for 6 months.
6
5 At the end of section 80
7
Add:
8
(3) In this section:
9
bankrupt includes a person who has been discharged from
10
bankruptcy.
11
prescribed period, in relation to a bankrupt, means whichever of
12
the following is the longest:
13
(a) the period of the bankruptcy;
14
(b) the period of 3 years from the date on which the bankrupt
15
filed the bankrupt's statement of affairs;
16
(c) the period for which the bankrupt is or remains liable to make
17
any payment under Division 4B of Part VI.
18
6 Paragraph 139J(a)
19
Omit "during the bankruptcy", substitute "during a period after
20
becoming bankrupt".
21
7 Section 139K
22
Insert:
23
bankrupt includes a person who has been discharged from
24
bankruptcy.
25
8 Section 139K (definition of contribution assessment period)
26
Repeal the definition, substitute:
27
contribution assessment period, in relation to a bankrupt, means
28
each period that:
29
(a) begins on the day on which the bankrupt becomes bankrupt
30
or an anniversary of that day; and
31
Bankruptcy Act 1966 Schedule 1
Amendments Part 1
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
5
(b) ends 1 year after that day or anniversary, as the case requires;
1
with all contribution assessment periods coming to an end:
2
(c) at the end of 3 years from the day on which the bankrupt
3
becomes bankrupt, or on the day on which the bankrupt is
4
discharged, whichever is the latest; or
5
(d) if the bankruptcy is annulled--on the day of annulment.
6
9 Subsection 139L(1)
7
Omit "(1)".
8
10 Subsection 139L(2)
9
Repeal the subsection (including the note).
10
11 Section 139R
11
Repeal the section, substitute:
12
139R Liability not affected by subsequent discharge
13
A liability of a bankrupt under section 139P or 139Q is not affected
14
by:
15
(a) the bankrupt's discharge from bankruptcy after the making of
16
the assessment that gave rise to the liability; or
17
(b) the expiration of the contribution assessment period.
18
12 Subsection 139WA(1)
19
Omit "(1)".
20
13 Subsection 139WA(2)
21
Repeal the subsection.
22
14 Section 139ZIB (definition of bankrupt)
23
Repeal the definition.
24
15 Subsections 139ZIDA(2) and (3)
25
Repeal the subsections, substitute:
26
Discharge--no liability to pay contributions
27
(2) If:
28
Schedule 1 Bankruptcy Act 1966
Part 1 Amendments
6
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
No. , 2017
(a) a determination is in force under subsection 139ZIC(1) in
1
relation to a bankrupt; and
2
(b) the contribution assessment periods applying in relation to
3
the bankrupt come to an end; and
4
(c) at the time that the periods end, the bankrupt is not liable to
5
pay a contribution;
6
the determination ceases to be in force when the contribution
7
assessment periods come to an end.
8
Discharge--continuing liability to pay contributions
9
(3) If:
10
(a) a determination is in force under subsection 139ZIC(1) in
11
relation to a bankrupt; and
12
(b) the contribution assessment periods applying in relation to
13
the bankrupt come to an end; and
14
(c) at the time that the periods end, the bankrupt is liable to pay a
15
contribution;
16
the determination ceases to be in force when the bankrupt is no
17
longer liable to pay a contribution.
18
16 Section 139ZIIA
19
Repeal the section, substitute:
20
139ZIIA Keeping of books
21
If:
22
(a) a person is a bankrupt to whom the supervised account
23
regime applies; and
24
(b) the prescribed period under section 277A comes to an end;
25
that section will nevertheless continue to apply in relation to the
26
person as if the period of the bankruptcy were the period during
27
which the supervised account regime applies.
28
17 Section 139ZJ
29
Repeal the section.
30
18 Subsection 149(4)
31
After "section 27 of the Bankruptcy Amendment Act 1991", insert "and
32
before the commencement of subsection (5)".
33
Bankruptcy Act 1966 Schedule 1
Amendments Part 1
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
7
19 At the end of section 149
1
Add:
2
(5) If the bankrupt becomes a bankrupt after the commencement of
3
this subsection, the bankrupt is discharged at the end of the period
4
of 1 year from the date on which the bankrupt filed his or her
5
statement of affairs.
6
20 Subsection 149A(1)
7
Omit "and (4)", substitute ", (4) and (5)".
8
21 Subsection 149A(1)
9
After "3 years", insert "or 1 year (as the case may be)".
10
22 Subparagraph 149A(3)(b)(i)
11
Omit "and (4)", substitute ", (4) and (5)".
12
23 At the end of section 265
13
Add:
14
(10) This section applies in relation to a bankrupt for the prescribed
15
period.
16
(11) In this section:
17
bankrupt includes a person who has been discharged from
18
bankruptcy.
19
prescribed period, in relation to a bankrupt, means whichever of
20
the following is the longest:
21
(a) the period of the bankruptcy;
22
(b) the period of 3 years from the date on which the bankrupt
23
filed the bankrupt's statement of affairs;
24
(c) the period for which the bankrupt is or remains liable to make
25
any payment under Division 4B of Part VI.
26
24 Section 277A (heading)
27
Repeal the heading, substitute:
28
Schedule 1 Bankruptcy Act 1966
Part 1 Amendments
8
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
No. , 2017
277A Keeping of books during prescribed period
1
25 Paragraph 277A(1)(a)
2
Omit "the period of the bankruptcy", substitute "the prescribed period".
3
26 Paragraph 277A(1)(b)
4
Omit "discharged from the bankruptcy", substitute "the end of the
5
prescribed period".
6
27 Paragraph 277A(2)(b)
7
Omit "the period of the bankruptcy", substitute "the prescribed period".
8
28 Paragraph 277A(3)(b)
9
Omit "bankrupt is discharged", substitute "end of the prescribed
10
period".
11
29 At the end of section 277A
12
Add:
13
(5) In this section:
14
bankrupt includes a person who has been discharged from
15
bankruptcy.
16
prescribed period, in relation to a bankrupt, means whichever of
17
the following is the longest:
18
(a) the period of the bankruptcy;
19
(b) the period of 3 years from the date on which the bankrupt
20
filed the bankrupt's statement of affairs;
21
(c) the period for which the bankrupt is or remains liable to make
22
any payment under Division 4B of Part VI.
23
Bankruptcy Act 1966 Schedule 1
Application and transitional provisions Part 2
No. , 2017
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
9
Part 2--Application and transitional provisions
1
30 Application and transitional arrangements
2
(1)
In this item:
3
commencement day means the day on which this Schedule commences.
4
prescribed period, in relation to a bankrupt, means the period from the
5
date on which the bankrupt filed the bankrupt's statement of affairs to
6
the commencement day.
7
(2)
Subject to subitem (3), the following provisions apply in relation to a
8
person who is, immediately before the commencement day, a bankrupt:
9
(a) if the prescribed period in relation to the bankrupt is less than
10
1 year--the bankrupt is discharged from bankruptcy at the
11
end of 1 year from the date on which the bankrupt filed the
12
bankrupt's statement of affairs;
13
(b) if the prescribed period in relation to the bankrupt is 1 year or
14
more--the bankrupt is discharged from bankruptcy on the
15
commencement day.
16
(3)
Subitem (2):
17
(a) does not apply in relation to a bankrupt who, immediately
18
before the commencement day, is subject to an objection that
19
has extended the period of bankruptcy under sections 149 and
20
149A of the Bankruptcy Act 1966, as in force immediately
21
before the commencement day (and those sections, as in
22
force immediately before the commencement day, will
23
continue to apply in relation to the bankrupt); and
24
(b) does not limit the ability of a trustee to file with the Official
25
Receiver an objection under section 149B of the Bankruptcy
26
Act 1966 (and if such an objection has been filed with the
27
Official Receiver before the commencement day then
28
sections 149 and 149A of the Bankruptcy Act 1966, as in
29
force immediately before the commencement day, will
30
continue to apply in relation to the bankrupt).
31
(4)
However, if an objection is withdrawn or cancelled:
32
(a) if the period from the date on which the bankrupt filed the
33
bankrupt's statement of affairs is less than 1 year--the
34
bankrupt is discharged from bankruptcy at the end of the
35
Schedule 1 Bankruptcy Act 1966
Part 2 Application and transitional provisions
10
Bankruptcy Amendment (Enterprise Incentives) Bill 2017
No. , 2017
period of 1 year from the date on which the statement of
1
affairs was filed; and
2
(b) if the period from the date on which the bankrupt filed the
3
bankrupt's statement of affairs is 1 year or more--the
4
bankrupt is discharged from bankruptcy immediately.
5
31 Transitional rules
6
(1)
The Minister may, by legislative instrument, make rules prescribing
7
matters of a transitional nature (including prescribing any saving or
8
application provisions) relating to the amendments or repeals made by
9
this Act.
10
(2)
To avoid doubt, the rules may not do the following:
11
(a) create an offence or civil penalty;
12
(b) provide powers of:
13
(i) arrest or detention; or
14
(ii) entry, search or seizure;
15
(c) impose a tax;
16
(d) set an amount to be appropriated from the Consolidated
17
Revenue Fund under an appropriation in this Act;
18
(e) directly amend the text of this Act.
19