Commonwealth Numbered Acts

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

BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 133

Court may terminate composition
133. (1) Section 242 of the Principal Act is amended by omitting sub-section
(1) and substituting the following sub-section:



"(1) The Court may, upon application by the trustee, a creditor or the debtor,
or, if the debtor has died, the person administering the estate of the debtor,
if it is satisfied-

   (a)  that the debtor, or, if the debtor has died, the debtor or the person
        administering the estate of the debtor, has failed to carry out or
        comply with a term of the composition;

   (b)  that the composition cannot be proceeded with without injustice or
        undue delay to the creditors, the debtor or, if the debtor has died,
        the estate of the debtor; or

   (c)  that for any other reason the composition ought to be terminated, make
        an order terminating the composition.".

(2) Notwithstanding the amendment of section 242 of the Principal Act made by
sub-section (1) of this section, the provisions of that section of the
Principal Act continue to apply, after the commencement of this section, in
relation to an application made to the Court before the commencement of this
section under that section of the Principal Act as if that amendment had not
been made. 


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback