Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 57B

  (1)   The Official Receiver must either accept, or refuse to accept, a statement of affairs that is filed for the purposes of any of the following provisions (including an updated statement of affairs filed within the period specified for the purposes of paragraph   (4)(c) in a notice under subsection   (3)) within 14 days from the day the statement of affairs is filed:

  (a)   subsection   54(1) or (2);

  (b)   paragraph   55(2)(b);

  (c)   paragraph   56B(3)(a) or (b);

  (d)   paragraph   56F(1)(a) or (b);

  (e)   paragraph   57(2)(a) or (b).

Note:   Subsections   (6) and (7) provide certain exceptions to this rule.

  (2)   The Official Receiver must accept the statement of affairs, unless the Official Receiver thinks that the statement of affairs is inadequate.

Note:   The Court may review an act done by the Official Receiver (see subsection   15(5) and section   303).

  (3)   The Official Receiver must give written notice of the decision under subsection   (1) to:

  (a)   for a statement of affairs filed for the purposes of subsection   54(1) or paragraph   55(2)(b), 56B(3)(a), 56F(1)(a) or 57(2)(a)--the person whose affairs the statement relates to; or

  (b)   for a statement of affairs filed for the purposes of subsection   54(2)--each of the joint debtors; or

  (c)   for a statement of affairs filed for the purposes of paragraph   56B(3)(b)--each of the petitioning members of the partnership; or

  (d)   for a statement of affairs filed for the purposes of paragraph   56F(1)(b)--the member, or each of the members, of the partnership who gave the statement of affairs; or

  (e)   for a statement of affairs filed for the purposes of paragraph   57(2)(b)--each of the petitioning debtors.

  (4)   If the Official Receiver refuses to accept the statement of affairs, the notice must:

  (a)   specify the respects in which the Official Receiver thinks the statement of affairs is inadequate; and

  (b)   invite the person or persons to file an updated statement of affairs with the Official Receiver; and

  (c)   specify a period within which the updated statement may be filed, which must be at least 14 days from the day the notice is given.

Note:   For variation of the notice (for example, to extend the period specified in the notice within which the updated statement may be filed), see subsection   33(3) of the Acts Interpretation Act 1901 .

  (5)   An updated statement of affairs filed within the period specified for the purposes of paragraph   (4)(c) in a notice under subsection   (3) is taken for all purposes:

  (a)   to have been filed for the purposes of the provision referred to in paragraph   (1)(a), (b), (c), (d) or (e); and

  (b)   to replace the statement of affairs that the Official Receiver refused to accept.

  (6)   This section does not apply to a statement of affairs filed in connection with a debtor's petition if:

  (a)   subsection   55(3B) or 57(3B) applies in relation to the debtor's petition; or

  (b)   subsection   56C(1) applies in relation to the debtor's petition and the statement of affairs is not required to be filed under paragraph   56F(1)(a).

  (7)   This section (other than subsection   (8)) ceases to apply to a statement of affairs filed in connection with a debtor's petition if the Official Receiver rejects the debtor's petition.

  (8)   Without limiting paragraph   12(1)(d), a report under that paragraph for a financial year must include the number of statements of affairs (including updated statements of affairs) filed with the Official Receiver during the financial year for which there is a failure to comply with subsection   (1) of this section.

  (9)   In this section:

"filed" includes presented, lodged or given.