Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1987 No. 119 of 1987 - SECT 49

49. (1) Section 134 of the Principal Act is amended:

   (a)  by omitting from paragraph (1) (da) "value not exceeding $20,000, or
        such greater amount as is prescribed for the purposes of this
        section," and substituting "net value not exceeding the prescribed
        amount,";

   (b)  by omitting from paragraphs (1) (e) and (g) "not exceeding $20,000 or
        such greater amount as is prescribed for the purposes of this section"
        (wherever occurring) and substituting ", not exceeding the prescribed
        amount,";

   (c)  by omitting from paragraph (1) (f) "$20,000 or such greater amount as
        is prescribed for the purposes of this section" and substituting "the
        prescribed amount";

   (d)  by omitting paragraph (1) (m) and substituting the following
        paragraph:

"(m) until the end of 2 months beginning on the date of the bankruptcy, employ
the bankrupt:

        (i)    to superintend the management of the whole, or a part, of the
               property of the bankrupt;

        (ii)   to carry on the bankrupt's trade or business for the benefit of
               the bankrupt's creditors; or

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

   (e)  by omitting from subsection (2) "value exceeding $20,000 or such
        greater amount as is prescribed for the purposes of this section" and
        substituting "net value exceeding the prescribed amount"; and

   (f)  by inserting after subsection (2) the following subsection:

"(2A) A reference in subsection (1) or (2) to the prescribed amount is a
reference to $20,000 or, if a greater amount is prescribed for the purposes of
this section, to that greater amount.".

(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.