Commonwealth Numbered Acts

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BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 56

Avoidance of voluntary and marriage settlements
56. (1) Section 120 of the Principal Act is amended-

(a) by omitting from sub-section (1) "within two years after the date of the
settlement" and substituting "and the settlement came into operation after, or
within 2 years before, the commencement of the bankruptcy";

   (b)  by omitting from sub-section (2) "within five years after the date of
        the settlement" and substituting "and the settlement came into
        operation after, or within 5 years before, the commencement of the
        bankruptcy";

   (c)  by omitting from sub-section (3) "before the covenant or contract has
        been executed" and substituting "and the covenant or contract was
        executed after the commencement of the bankruptcy";

   (d)  by omitting from sub-section (4) "for valuable consideration in money
        or money's worth"; and

   (e)  by inserting in sub-section (4) ",claims in respect of excess interest
under section 112" before "and claims for interest".

(2) Notwithstanding the amendments of section 120 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 a settlor who became a bankrupt before the commencement of this
section as if those amendments had not been made. 


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