Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 128F

Revocation of freezing notice by Official Receiver

  (1)   If a superannuation account - freezing notice is in force in relation to a member of an eligible superannuation plan, the Official Receiver may, by written notice given to the trustee of the plan, revoke the superannuation account - freezing notice.

  (2)   The Official Receiver may revoke a superannuation account - freezing notice that relates to a member of an eligible superannuation plan:

  (a)   if the Official Trustee is the trustee of the bankrupt's estate--on the initiative of the Official Receiver; or

  (b)   if a registered trustee is the trustee of the bankrupt's estate--on application by the registered trustee; or

  (c)   in any case--on application by the member.

Revocation of freezing notice when section   139ZQ notice complied with etc.

  (3)   If:

  (a)   subparagraph   128E(1)(b)(i) applied in relation to a superannuation account - freezing notice given in relation to a member of an eligible superannuation plan; and

  (b)   during the 180 - day period after the superannuation account - freezing notice comes into force, a section   139ZQ notice is given in relation to the transaction referred to in paragraph   128E(1)(a);

the superannuation account - freezing notice is revoked:

  (c)   when the trustee of the plan complies with the section   139ZQ notice; or

  (d)   when the section   139ZQ notice is revoked; or

  (e)   when the Court sets aside the section   139ZQ notice.

Revocation of freezing notice if no section   139ZQ notice given after 180 days

  (4)   If subparagraph   128E(1)(b)(i) applied in relation to a superannuation account - freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account - freezing notice is revoked if:

  (a)   180 days pass after the notice comes into force; and

  (b)   no section   139ZQ notice has been given in relation to the transaction referred to in paragraph   128E(1)(a).

Revocation of freezing notice when section   139ZU order complied with etc.

  (5)   If:

  (a)   subparagraph   128E(1)(b)(ii) applied in relation to a superannuation account - freezing notice given in relation to a member of an eligible superannuation plan; and

  (b)   during the 180 - day period after the superannuation account - freezing notice comes into force, a section   139ZU order is made in relation to the transaction referred to in paragraph   128E(1)(a) and in relation to the member's superannuation interest;

the superannuation account - freezing notice is revoked:

  (c)   when the trustee of the plan complies with the section   139ZU order; or

  (d)   when the section   139ZU order is set aside on appeal.

Revocation of freezing notice when application for section   139ZU order dismissed or withdrawn

  (6)   If:

  (a)   subparagraph   128E(1)(b)(ii) applied in relation to a superannuation account - freezing notice given in relation to a member of an eligible superannuation plan; and

  (b)   during the 180 - day period after the superannuation account - freezing notice comes into force:

  (i)   the Court dismisses an application for a section   139ZU order in relation to the transaction referred to in paragraph   128E(1)(a) and in relation to the member's superannuation interest; or

  (ii)   an application for a section   139ZU order in relation to the transaction referred to in paragraph   128E(1)(a) and in relation to the member's superannuation interest is withdrawn;

the superannuation account - freezing notice is revoked.

Revocation of freezing notice if no section   139ZU order made after 180 days

  (7)   If subparagraph   128E(1)(b)(ii) applied in relation to a superannuation account - freezing notice given in relation to a member of an eligible superannuation plan, the superannuation account - freezing notice is revoked if:

  (a)   180 days pass after the notice comes into force; and

  (b)   no section   139ZU order has been made in relation to the transaction referred to in paragraph   128E(1)(a) and in relation to the member's superannuation interest.

Extension of 180 - day period

  (8)   The Court may, on application by the Official Receiver, extend, or further extend, the 180 - day period referred to in subsection   (5), (6) or (7).

  (9)   The Official Receiver may make an application under subsection   (8):

  (a)   if the Official Trustee is the trustee of the bankrupt's estate--on the initiative of the Official Receiver; or

  (b)   if a registered trustee is the trustee of the bankrupt's estate--on application by the registered trustee.