Commonwealth Numbered Regulations - Explanatory Statements

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BANKRUPTCY REGULATIONS (AMENDMENT) 1996 NO. 278

Statutory Rules 1996 No. 278

(Issued by authority of the Attorney-General and Minister for Justice, the Hon Daryl Williams AM QC MP)

Bankruptcy Act 1966

Bankruptcy Regulations (Amendment)

The Bankruptcy Regulations (Amendment) amends the Bankruptcy Regulations to prescribe times for the filing of accounts by trustees with the Official Receiver for the purposes of section 175 of the Act. The regulations also prescribe fees for the making of applications by individuals to become registered as trustees under the Act, and applications for renewal of registration and for changes of conditions to registration. These matters are provided for in regulations 6 and 9. Regulations 3, 4, 5, 7 and 8 correct minor drafting errors in the Bankruptcy Regulations.

The following is a description of the Bankruptcy Regulations (Amendment).

Regulation 1 - Commencement

Regulation 1.1 provides for the amendment to commence on 16 December 1996, the same day as the commencement of the Bankruptcy Regulations themselves,

Regulation 2 - Amendment The regulations amends the Bankruptcy Regulations.

This regulation corrects a drafting error in subregulation 6.03, whereby certain a paragraphs are lettered as subparagraphs, instead of paragraphs.

Regulation 4 - Regulation 6.08 (Evidentiary certificate by trustee - subsection 116(8) of the Act)

This regulation makes subregulation 6.08(4) of the Bankruptcy Regulations consistent in terminology with other provisions in those regulations.

Regulation 5 - Regulation 8.10 (Bill of costs)

This regulation substitutes a specific reference to 'the purposes of subregulation (1)' in regulation 8.10 for the term 'those purposes' currently employed in the provision.

Regulation 6 - New Division 5A of Part 8

Section 175 of the Act requires trustees to file accounts of receipts and payments in trusteeships under their administration with the Official Receiver at prescribed times. Regulation 6 inserts a new regulation 8.14A in to the Bankruptcy Regulations which prescribes times for the purposes of section 175. Those times are the last day of the period of 6 months from the day when the trustee began to act as trustee. and subsequent 6 month periods, and also 28 days after the trustee ceases, for any reason, to be the trustee of a particular administration.

Regulation 7 - Regulation 12.01 (Statement where moneys paid into Consolidated Revenue Fund)

Regulation 12.01 of the Bankruptcy Regulations requires trustees to prepare a statement relating to payments made by them into the Consolidated Revenue Fund pursuant to section 254 of the Act. The reference in subregulation 12.01(3) to trustees as 'he or she' is inapt in the case of the Official Trustee which is a corporation. Regulation 7 replaces the reference to 'he or she' with a reference to 'the person'.

Regulation 8 - Regulation 13.04 (Application for certain information not to be on the Index)

Regulation 8 omits redundant words from paragraphs 13.04(1)(b) and (c) of the Bankruptcy Regulations.

Regulation 9 - New regulation 16.14AA - Prescribed fees under Division 1 of Part VIII of the Act

Part VIII of the Act provides, among other things a system for the registration of individuals as trustees in bankruptcy. Section 154A requires a person applying to the Inspector-General in Bankruptcy for registration as a trustee to pay a fee. Section 155C provides for a person to pay a registration fee. Section 155D provides for a person to pay a fee on extension of the term of their registration. Section 155E requires a trustee whose registration is conditional and who is making an application for those conditions to be varied or removed to pay a fee. Regulation 9 inserts a new regulation 16.14AA which prescribes fees of $1,500 for registration applications, $1,000 for registration and extension of registration and $500 for applications to vary conditions relating to registration.