Commonwealth Consolidated Acts

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Streamlined method for replacing trustee

  (1)   The current trustee of a bankrupt's estate may, with the written consent of another trustee (either a registered trustee or the Official Trustee), nominate the other trustee as the new trustee of the estate.

  (2)   The current trustee must give notice of the nomination to all the creditors who are entitled to receive notice of a meeting of creditors.

  (3)   The notice must:

  (a)   specify a date (at least 10 days after the notice is given) from which it is proposed that the new trustee will become the trustee of the estate; and

  (b)   state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the nomination taking effect without there being a meeting of creditors.

  (4)   If no creditor lodges a written notice of objection with the current trustee at least 2 days before the specified date, then the new trustee replaces the current trustee as trustee of the estate, on the date specified in the notice.

  (5)   For the purposes of this Act, the new trustee is treated as having been appointed by the creditors.

  (6)   A certificate signed by the new trustee stating any matter relating to the replacement of the former trustee under this section is prima facie evidence of the matter.

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