Commonwealth Numbered Acts

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BANKRUPTCY AMENDMENT ACT 1987 No. 119 of 1987 - SECT 48

Disclaimer of onerous property
48. (1) Section 133 of the Principal Act is amended:

   (a)  by inserting before subsection (1) the following subsections:

"(1AA) Where any part of the property of the bankrupt consists of:

   (a)  land of any tenure burdened with onerous covenants; or

   (b)  property (including land) that is unsaleable or is not readily
        saleable;
subsection (1) applies.

"(1AB) Where:

   (a)  any part of the property of the bankrupt consists of property, being
        neither land nor an interest in land; and

   (b)  it may reasonably be expected that the costs, charges and expenses
        that the trustee would incur in realising the property would exceed
        the proceeds of realising the property;
subsection (1) applies."; and
(b) by omitting from subsection (1) all the words from and including "where
any" to and including "readily saleable,".

(2) The amendments made by subsection (1) apply in relation to a bankrupt in
respect of a bankruptcy whenever the date of the bankruptcy occurred. 


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