Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 139ZIC

Trustee may determine that the supervised account regime applies to the bankrupt

  (1)   The trustee of a bankrupt's estate may, by written notice given to the bankrupt, determine that the supervised account regime applies to the bankrupt.

  (2)   The trustee must not make a determination under subsection   (1) in relation to the bankrupt unless, at the time the determination is made:

  (a)   the bankrupt is liable to pay a contribution; and

  (b)   either:

  (i)   if the trustee has made a determination under section   139ZG permitting the contribution to be paid by instalments--the bankrupt has not paid the whole of an instalment at or before the time when it became payable; or

  (ii)   if the trustee has made a determination under section   139ZG requiring the bankrupt to pay the contribution at a specified time--the bankrupt has not paid the whole of the contribution at or before the time when it became payable.

  (3)   A notice under subsection   (1) must be in the approved form.

  (4)   A notice under subsection   (1) must be accompanied by:

  (a)   a supervised account notice relating to the bankrupt concerned; and

  (b)   a statement setting out:

  (i)   the effect of sections   139ZIE to 139ZIT; and

  (ii)   such other information (if any) as is specified in the regulations.


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