Commonwealth Numbered Regulations

BANKRUPTCY REGULATIONS 2021 (F2021L00261) - REG 27

Property to which subsection 116(1) of the Act does not extend

             (1)  For the purposes of subparagraph 116(2)(b)(i) of the Act, the following kinds of property are prescribed:

                     (a)  basic household property of a kind covered by subsection (2);

                     (b)  property of a kind covered by subsection (3) to the extent that it is reasonably appropriate for a household, having regard to the criteria specified in subsection (4);

                     (c)  property (including recreational and sports equipment) of a kind that is reasonably necessary for the domestic use of a household, having regard to:

                              (i)  current social standards; and

                             (ii)  the criteria specified in subsection (4).

Basic household property

             (2)  This subsection covers the following:

                     (a)  sufficient household furniture for the members of the household;

                     (b)  sufficient beds for the members of the household;

                     (c)  educational, sporting or recreational items (including books) that are wholly or mainly for the use of children or students in the household;

                     (d)  one television set;

                     (e)  one set of stereo equipment;

                      (f)  one radio;

                     (g)  either:

                              (i)  one washing machine and one clothes drier; or

                             (ii)  one combined washing machine and clothes drier;

                     (h)  either:

                              (i)  one refrigerator and one freezer; or

                             (ii)  one combined refrigerator and freezer;

                      (i)  one generator, if relied on to supply electrical power to the household;

                      (j)  one telephone;

                     (k)  one appliance or console used for home entertainment;

                      (l)  one personal computer;

                    (m)  one set of equipment providing internet access to the members of the household.

Property that is reasonably appropriate for a household

             (3)  This subsection covers the following:

                     (a)  kitchen equipment;

                     (b)  cutlery;

                     (c)  crockery;

                     (d)  foodstuffs;

                     (e)  heating equipment;

                      (f)  cooling equipment;

                     (g)  telephone equipment;

                     (h)  fire detectors and extinguishers;

                      (i)  anti-burglar devices;

                      (j)  bedding;

                     (k)  linen;

                      (l)  towels;

                    (m)  other household effects.

Criteria

             (4)  The following criteria are specified for the purposes of paragraph (1)(b) and subparagraph (1)(c)(ii):

                     (a)  the number and ages of members of the household;

                     (b)  any special health or medical needs of any of those members;

                     (c)  any special climatic or other factors (including geographical isolation) of the place where the household residence is located;

                     (d)  whether the property is reasonably necessary for the functioning or servicing of the household as a viable and properly-run household;

                     (e)  whether the costs of seizure, storage and sale of the property would be likely to exceed the sale price of the property;

                      (f)  if paragraph (e) does not apply--whether for any other reason (for example, costs of transport) the sale of the property would be likely to be uneconomical.

Antique items

             (5)  Nothing in this section prevents subsection 116(1) of the Act from extending to antique items.

             (6)  For the purposes of subsection (5), an item is an antique item only if a substantial part of its market value is attributable to its age or historical significance.