Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1987 No. 119 of 1987 - SECT 57

57. (1) Section 176 of the Principal Act is repealed and the following section
is substituted: Court may order trustee to make good loss caused by breach of
duty

"176. (1) Where, on application by the Inspector-General or by a creditor who
has or had a debt provable in the bankruptcy, the Court is satisfied that a
person who is or has been a trustee of a bankrupt's estate has been guilty
(whether before or after the commencement of this section) of breach of duty
in relation to the bankrupt's estate or affairs, subsection (2) applies.

"(2) The Court may make any one or more of the following orders:

   (a)  an order directing the person to make good any loss that the
        bankrupt's estate has sustained because of the person's breach of
        duty;

   (b)  if the person is registered under section 155-an order suspending for
        a specified period, or cancelling, the person's registration under
        that section;

   (c)  any other order that the Court considers just and equitable in the
        circumstances.".

(2) Notwithstanding subsection (1), section 176 of the Principal Act continues
to apply in relation to an application made under that section before the
commencement of this section.