Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


Cash income

  (1)   A bankrupt to whom the supervised account regime applies must not receive income in the form of cash.

  (2)   Subsection   (1) does not apply if the income was received in accordance with the consent of the trustee under subsection   (3).


  (3)   The trustee may, by written notice given to the bankrupt, consent to the bankrupt receiving in the form of cash:

  (a)   a specified item of income; or

  (b)   items of income included in a specified class of items of income.

  (4)   The trustee may, by written notice given to the bankrupt, vary or revoke a consent.

  (5)   The powers conferred on the trustee by subsections   (3) and (4) may be exercised:

  (a)   on his or her own initiative; or

  (b)   on the application of the bankrupt.

  (6)   If, following the bankrupt's application, the trustee refuses to exercise a power conferred by subsection   (3) or (4), the trustee must give the bankrupt written notice of the refusal.


  (7)   A person commits an offence if:

  (a)   the person is subject to a requirement under subsection   (1); and

  (b)   the person engages in conduct; and

  (c)   the person's conduct breaches the requirement.

Penalty for contravention of this subsection:   Imprisonment for 12 months.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback