Commonwealth Consolidated Regulations

BANKRUPTCY REGULATIONS 2021 - REG 61

Scope

  (1)   This section applies if:

  (a)   a debtor, under section   188 of the Act, signs an authority that names and authorises a person; and

  (b)   the person is a registered trustee or a solicitor; and

  (c)   the person consents to exercise the powers given by the authority.

Consent of registered trustee or solicitor

  (2)   The person must:

  (a)   sign a consent in accordance with the approved form; and

  (b)   within 2 business days after signing the consent, give a copy of the signed consent to the Official Receiver.

Proposal for dealing with debtor's affairs

  (3)   The person must, at the same time as calling a meeting of the debtor's creditors, give a copy of the proposal for dealing with the debtor's affairs under Part   X of the Act to:

  (a)   the Official Receiver; and

  (b)   each creditor of the debtor of whom the person is aware.

Note 1:   An authority signed by a debtor under section   188 of the Act is not effective for the purposes of Part   X of the Act unless, before the person authorised consents to exercise the powers given by the authority, the debtor gives to the person authorised:

(a)   a statement of the debtor's affairs; and

(b)   a proposal for dealing with those affairs under Part   X of the Act (see subsection   188(2C) of the Act).

Note 2:   Under subsection   188(5) of the Act, a registered trustee or solicitor who consents to exercise the powers given by an authority must also give a copy of the authority and the debtor's statement of affairs to the Official Receiver.