Commonwealth Numbered Regulations - Explanatory Statements

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BANKRUPTCY RULES (AMENDMENT) 1992 NO. 400

Statutory Rules 1992 No. 400

Issued by the authority of the Minister for Justice

Bankruptcy Act 1966

Bankruptcy Rules (Amendment)

The Bankruptcy Rules (Amendment) made amendments to the Bankruptcy Rules consequential upon the making of Bankruptcy Rules No. 194 of 1992.

Details of rules

Commencement

These Rules commenced on gazettal.

Rule 1 - Amendment

Rule 1 provided that the Bankruptcy Rules have been amended as set out in these rules.

Rule 2 - Rule 27 (Notice of bankruptcy)

Rule 27 of the Bankruptcy Rules provides a procedure for trustees to notify the fact of bankruptcy by posting a copy of the sequestration order or a notice stating the fact of bankruptcy by virtue of the acceptance of a debtor's petition to the bankrupt.

Under the Act, the trustee is required, within 28 days of the date of the bankruptcy, or within such further period as the Registrar allows on application by the trustee, to give notice of the bankruptcy to each creditor of the bankrupt whose address is known to the trustee, and to forward to each such creditor a summary of the bankrupt's statement of affairs if the trustee has received it.

Paragraph 2.1 provided for the omission of paragraph 27(3)(b) of the Bankruptcy Rules and the insertion of a new paragraph 27(3)(b) to require trustees to give a notice to creditors stating the fact of bankruptcy and to give the creditors a summary of the statement of affairs lodged by the bankrupt.

Rule 3 - Rule 45J (Procedure for hearing application for permission to leave Australia)

Rule 45J of the Bankruptcy Rules sets out the procedure for the hearing of an application by a bankrupt for permission to travel outside Australia where the bankrupt is liable to pay a contribution under subsections 139P(1) or 139Q(1) of the Act.

Rule 3 repealed subrule 45J(4) to omit the requirement that a copy of permission orders obtained under section 139ZU of the Act be sent to the Secretary of the Department of Foreign Affairs and Trade.

Rule 4 - Rule 57 (Application for annulment under section 153B or 252B of the Act)

Rule 57 of the Bankruptcy Rules provides the procedural requirements for applications for annulment of a bankruptcy under sections 153B or 252C of the Act.

Rule 4 amended rule 57 of the Bankruptcy Rules to set out the matters required to be dealt with by the trustee in his or her written report concerning the bankrupt where the bankrupt has applied to the Court for an annulment of the bankruptcy, and to require the trustee, having prepared such a report, to serve a copy of it on the bankrupt at the same time as the report is filed.

Rule 5 - Rule 161B (Official Receiver's charges and fees)

Section 163A of the Act provides that the costs of performing additional functions by Official Receivers at the request of a trustee in bankruptcy are to be borne by the bankrupt estate in relation to which the functions are performed.

Subrule 161B(2) of the Bankruptcy Rules prescribes fees for the exercise of a power under the Act, the Rules or regulations by an officer assisting the Official Receiver for the purposes of subsection 15(1) of the Act, at the request of the trustee in bankruptcy. Paragraphs (a), (b) and (c) of subrule 161B(2) of the Bankruptcy Rules set out the hourly rate of the officer assisting the Official Receiver for the purposes of subsections 163A(2) of the Act.

Rule 5 corrected erroneous references to the classification of the officer assisting the Official Receiver in paragraphs 16M(1)(a) and paragraphs 161B(2)(a) of the Bankruptcy Rules by omitting the reference to 'Level 1' officers in the Senior Executive Service substituting the words 'Band 1'.

Rule 6 - Schedule 1B (Modifications of the Fringe Benefits Tax Assessment Act 1986)

Schedule 1B to the Bankruptcy Rules modifies provisions of the Fringe Benefits Tax Assessment Act 1986 to enable the calculation of the value of noncash benefits assessed as forming part of the income of a bankrupt during a contribution assessment period.

Rule 6 amended Schedule 1B of the Bankruptcy Rules to substitute a new value of a board meal in subitem 15.1, and a new formula for calculating the value of a board fringe benefit in the bankruptcy context.