Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 66

66. Section 134 of the Principal Act is amended-

(a) by omitting from sub-section (1) "Ten thousand dollars" (wherever
occurring) and substituting "$20,000 or such greater amount as is prescribed
for the purposes of this section";

   (b)  by inserting after paragraph (d) of sub-section (1) the following
        paragraph:



"(da) mortgage or charge any of the property of the bankrupt having a value
not exceeding $20,000, or such greater amount as is prescribed for the
purposes of this section, for the purpose of raising money for the payment of
the debts provable in the bankruptcy;";

   (c)  by omitting from paragraph (j) of sub-section (1) "and";

   (d)  by adding at the end of sub-section (1) the following word and
        paragraph:



";and (m) until the first meeting of creditors or the expiration of the period
of 2 months commencing on the date of the bankruptcy, whichever first occurs,
employ the bankrupt himself-

        (i)    to superintend the management of his property or of part of his
               property;

        (ii)   to carry on his trade or business for the benefit of his
               creditors; or

        (iii)  to aid in any other respect in administering his property, and
               make such allowance out of the estate to the bankrupt in
               consideration of his services as the trustee considers
               reasonable.";

   (e)  by inserting after sub-section (1) the following sub-section:



"(1A) An allowance made to the bankrupt in pursuance of paragraph (1) (m) may
be reduced by the Court upon the application of an interested person."; and

   (f)  by omitting from sub-section (2) "Ten thousand dollars" and
        substituting "$20,000 or such greater amount as is prescribed for the
        purposes of this section.".