Commonwealth Numbered Acts Commonwealth Numbered Acts1 At the end of subsection 40(1)
Add:
; (o) if the
debtor becomes insolvent as a result of one or more transfers of property in
accordance with a financial agreement (within the meaning of the
Family Law Act 1975 ) to which the debtor is a party.
2 After subsection
40(7)
Insert:
(a) transfer of property includes a payment of money; and
(b) a person who does something that results in another person becoming
the owner of property that did not previously exist is taken to have
transferred the property to the other person.
3 Application of
amendments
The amendments made by this Schedule apply in relation to financial agreements (within the meaning of the Family Law Act 1975 ) entered into after the commencement of this item.