Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 29

29. (1) Section 52 of the Principal Act is amended by omitting sub- section
(4) and substituting the following sub-sections:



"(4) A creditor's petition lapses at the expiration of-

   (a)  subject to paragraph (b), the period of 12 months commencing on the
        date of presentation of the petition; or

   (b)  if the Court makes an order under sub-section (5) in relation to the
        petition-the period fixed by the order, unless, before the expiration
        of whichever of those periods is applicable, a sequestration order is
        made on the petition or the petition is dismissed or withdrawn.



"(5) The Court may, at any time before the expiration of the period of 12
months commencing on the date of presentation of a creditor's petition, if it
considers it just and equitable to do so, upon such terms and conditions as it
thinks fit, order that the period at the expiration of which the petition will
lapse be such period, being a period exceeding 12 months and not exceeding 24
months, commencing on the date of presentation of the petition as is specified
in the order.".

(2) Sub-sections 52 (4) and (5) of the Principal Act as amended by sub-section
(1) of this section apply in relation to petitions presented during the period
of 12 months immediately preceding the commencement of this section or
presented after the commencement of this section.