Commonwealth Numbered Acts

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BANKRUPTCY AMENDMENT ACT 1980 No. 12 of 1980 - SECT 98

Release of the Official Trustee
98. After section 184 of the Principal Act the following section is inserted
in Division 5 of Part VIII:



"184A. (1) Where the Official Trustee becomes the trustee of the estate of a
bankrupt upon the release of a registered trustee under section 183 or 184,
the Official Trustee does not become personally liable, by reason of its so
becoming the trustee, in respect of an act done, default made or liability
incurred by a prior trustee.



"(2) The Official Trustee may apply to the Court for an order of release in
respect of the administration of the estate of a bankrupt by the Official
Trustee or the Official Receiver prior to a date (in sub-section (5) referred
to as the 'relevant date') specified in the application.



"(3) Where, on an application made by the Official Trustee under sub-section
(2), the Court is satisfied-

   (a)  that all the property of the bankrupt, or so much of it as can
        reasonably be realized, has been realized;

   (b)  that a final dividend has been distributed in respect of the estate of
        the bankrupt; or

   (c)  that the order should otherwise be made, the Court may make the order
        sought.



"(4) Where an application is made by the Official Trustee under sub- section
(2), the Registrar shall cause a report on the accounts and records of the
Official Trustee in respect of its administration, or the accounts and records
of the Official Receiver in respect of his administration, as the case
requires, of the estate of the bankrupt to be prepared and the Court shall, on
the hearing of the application, take into consideration the report and any
objection by the Registrar, a creditor or other interested person to the order
sought.



"(5) An order of release under sub-section (2) discharges the Official
Trustee, the Official Receiver or the Official Trustee and the Official
Receiver, as the case requires, from all liability in respect of any act done
or default made by the Official Trustee or the Official Receiver, as the case
requires, in the administration of the estate of the bankrupt prior to the
relevant date.



"(6) An order of release under sub-section (2) may be revoked by the Court on
proof that it was obtained by fraud or by suppression or concealment of a
material fact.



"(7) The references in sub-sections (2) and (4) to the administration of the
estate of a bankrupt by the Official Trustee shall be read as including any
administration of the estate by the Official Receiver.". 


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