Commonwealth Numbered Acts

BANKRUPTCY AMENDMENT ACT 1991 No. 9 of 1992 - SECT 52

52.(1) Any proceeding under section 74 of the Principal Act that was pending
before the Court immediately before the commencement of section 15 of this Act
lapses upon that commencement.

(2) Where:

   (a)  within the period of 3 months immediately before the date of
        commencement of section 15 of this Act, the creditors of a bankrupt
        had accepted a composition or scheme of arrangement; and

   (b)  the bankruptcy had not been annulled by the Court before that date;
        and

   (c)  the Court had not refused to approve the composition or scheme of
        arrangement before that date; subsection 74(5) of the Principal Act as
        amended by this Act has effect as if the special resolution accepting
        the composition or scheme of arrangement had been passed on that date.

(3) Section 75 of the Principal Act as amended by this Act extends to all
compositions and schemes of arrangement that are in force at the commencement
of section 16 of this Act.