Commonwealth Numbered Regulations

1996 No. 263 BANKRUPTCY REGULATIONS - REG 6.07

6.07. (1) This regulation is made under subsection 116 (7), and for the
purposes of subsection 116 (5), of the Act.

(2) In the case of property that is an interest in a policy of life assurance
or endowment assurance, the value of the bankrupt's interest in the property
is taken to be the amount available in cash on voluntary termination of the
policy at the date of bankruptcy.

(3) In the case of property that is an interest in an accumulation fund or an
approved deposit fund, the value of the bankrupt's interest in the property is
taken to be the withdrawal benefit of the bankrupt in the fund at the date of
bankruptcy.

(4) Subject to subregulation (5), in the case of property that is an interest
in a defined benefit fund, the value of the bankrupt's interest in the
property is taken to be the withdrawal benefit of the bankrupt in the fund at
the date of bankruptcy.

(5) If the withdrawal benefit is not an immediately payable lump sum, the
amount of the withdrawal benefit is to be determined by an actuary for the
purposes of subregulation (4).