Commonwealth Consolidated Acts

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Release of registered trustee by the Court

  (1)   A trustee may apply to the Court for an order of release from the trusteeship of an estate.

  (2)   Where the Court is satisfied that the trustee:

  (a)   has realized all the property of the bankrupt or so much of it as can be realized without unduly protracting the trusteeship or has distributed a final dividend;

  (b)   has ceased to act by reason of the approval of a composition or scheme of arrangement under Division   6 of Part   IV; or

  (c)   has resigned or has been removed from office;

the Court may make the order sought.

  (3)   In hearing the application, the Court must also consider any objection to the order sought that is made by the Inspector - General, the Official Receiver, a creditor or any other interested person.

  (4)   An order of release under this section:

  (a)   discharges the trustee from all liability in respect of any act done or default made by him or her in the administration of the estate of the bankrupt; and

  (b)   if the trustee has not already resigned or been removed from office, operates to remove him or her from office.

  (5)   An order of release under this section may be revoked by the Court on proof that it was obtained by fraud or by suppression or concealment of a material fact.

  (6)   Where a trustee has died, the person administering the estate of the trustee may apply to the Court for an order releasing the trustee's estate from any claims arising out of the trustee's administration of an estate of which he or she was trustee and, upon such an application, the Court may make such order as it thinks proper in the circumstances.

  (7)   This section does not apply in relation to the Official Trustee.

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