Commonwealth Consolidated Acts

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Duties and powers of controlling trustee

  (1)   The controlling trustee must call a meeting of the debtor's creditors under this Division.

  (2)   The controlling trustee is empowered:

  (a)   to take immediate control of the debtor's property and affairs;

  (b)   to make such inquiries and investigations in connexion with the debtor's property and examinable affairs as the trustee considers necessary;

  (c)   to carry on a business of the debtor if, in the opinion of the trustee, it will be in the interests of the creditors to do so; and

  (d)   to deal with the debtor's property in any way that will, in the opinion of the trustee, be in the interests of the creditors.

  (3A)   For the purpose of exercising the powers conferred by subsection   (2), a trustee may, with the consent in writing of the debtor, obtain such advice or assistance as the trustee considers desirable.

  (4)   For the purposes of exercising his or her powers under this section, the trustee may act in the name of the debtor as if he or she had been duly appointed by the debtor to be his or her lawful attorney to exercise those powers.

  (5)   In this section, debtor's property , in relation to a debtor who has given an authority under section   188, means the property of the debtor that would be divisible amongst his or her creditors under Part   VI (other than Subdivision   B of Division   2) if a sequestration order had been made against him or her on the day on which he or she signed the authority, and includes property that has been acquired by, or has devolved on, the debtor on or after that day, but, if a personal insolvency agreement is executed by him or her in accordance with a special resolution of a meeting of creditors called in accordance with the authority, does not include property that is acquired by, or devolves on, him or her on or after the day on which he or she executes the agreement.

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