Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe Principal Act is amended by inserting after section 156 the following section:
156A Consent to act as trustee
(1) A registered trustee may, by instrument signed by him and filed with the Registrar, consent to act:
(a) as the trustee of the estate of the debtor specified in the instrument in the event that the debtor becomes a bankrupt; or
(b) as the trustee of the joint and separate estates of such of the debtors specified in the instrument, being members of a partnership or joint debtors who are not in partnership with one another, as may become bankrupts, or, if only one of those debtors becomes a bankrupt, as the trustee of the estate of that debtor.
(2) An instrument under subsection ( 1) shall be in accordance with the prescribed form.
(3) Where:
(a) at the time when a debtor becomes a bankrupt, a registered trustee has, under subsection ( 1), consented to act as the trustee of the estate of the debtor and the consent has not been revoked, the registered trustee becomes, at that time, by force of this subsection, the trustee of the estate of the bankrupt; and
(b) at the time when 2 or more debtors, being members of a partnership or joint debtors who are not in partnership with one another, become bankrupts, a registered trustee has, under subsection ( 1), consented to act as the trustee of the joint and separate estates of those debtors and the consent has not been revoked, the registered trustee becomes, at that time, by force of this subsection, the trustee of the joint and separate estates of those bankrupts.
(4) A creditor may file with the Registrar for the appropriate District an application for the removal by the Court of a trustee of the estate of a bankrupt, being a trustee who is the trustee of that estate by virtue of subsection ( 3), on the ground:
(a) that the trustee is not fit to act as trustee; or
(b) that the connection of the trustee with, or the relation of the trustee to, the bankrupt is likely to make it difficult for him to act with impartiality in the interests of the creditors generally.
(5) Where an application under subsection ( 4) is filed, the Court may, if a ground specified in that subsection is established, remove the trustee from office and may appoint another registered trustee to be trustee in his place.
(6) Where the Court appoints a person as trustee under subsection ( 5), the Registrar shall issue to the person a certificate of appointment.
(7) The appointment of a trustee under subsection ( 5) takes effect from and including the date on which the Court makes the appointment or such later date as the Court directs.