Commonwealth Numbered Regulations

1996 No. 263 BANKRUPTCY REGULATIONS - REG 6.02

6.02. (1) For the purposes of paragraph 109 (1) (e) of the Act, the maximum
amount due to or in respect of an employee of a bankrupt is:

   (a)  in the case of a bankruptcy occurring in the period commencing on the
        commencement date and ending at the end of 30 June 1997 - $3,100; or

   (b)  in the case of a bankruptcy occurring in a financial year commencing
        on 1 July 1997 or on 1 July of a subsequent year - the amount worked
        out in accordance with subregulation (2).

(2) For the purposes of subparagraph (1) (b), the applicable amount is:

   (a)  in the case of the financial year commencing on 1 July 1997 - $3,100
        increased in accordance with the CPI rate for the financial  year that
        commenced on 1 July 1996 and rounded down to the nearest multiple of
        $50; and

   (b)  in the case of a subsequent financial year - the amount worked out in
        accordance with this subregulation for the immediately preceding
        financial year, increased in accordance with the CPI rate for that
        financial year and rounded down to the nearest multiple of $50.

EXAMPLE: In the case of a bankruptcy occurring in the financial year 1997 -
1998, the applicable CPI rate is the rate for 1996 - 1997.
[NOTE: For the meaning of "financial year", see para. 22 (1) (e) of the
Acts Interpretation Act 1901.]