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Bankruptcy (Amendment) Act 2017 [Act A1534]

41 Amendment of section 47   cite [+]

Section 47 of the principal Act is amended-

(a) in subsection (1), by substituting for the word "receiving" the word "bankruptcy"; and

(b) in subsection (2), by substituting for the words ", receiving order or adjudication" the words "or bankruptcy order".

42 Amendment of section 49   cite [+]

Section 49 of the principal Act is amended-

(a) in subsection (1), by substituting for the word "receiving" the word "bankruptcy";

(b) in subsection (2)-

(i) by substituting for the word "receiving" the word "bankruptcy"; and

(ii) by deleting the words "being followed by an order adjudging him bankrupt,"; and

(c) in subsection (3), by substituting for the words "an order of adjudication" the words "a bankruptcy order".

43 Amendment of section 55   cite [+]

Subsection 55(1) of the principal Act is amended by substituting for the words "the adjudication" the words "a bankruptcy order has been made".

44 Amendment of section 62   cite [+]

Subsection 62(2) of the principal Act is amended by substituting for the word "adjudication" the words "bankruptcy order has been made".

45 Amendment of section 72   cite [+]

Section 72 of the principal Act is amended-

(a) in the shoulder note, by substituting for the word "debtor's" the word "bankrupt's"; and

(b) by substituting for the word "debtor" wherever appearing the word "bankrupt".

46 Amendment of section 73   cite [+]

Section 73 of the principal Act is amended-

(a) by substituting for the word "debtor's" wherever appearing the word "bankrupt's";

(b) by substituting for the word "debtor" wherever appearing the word "bankrupt"; and

(c) in paragraph (1)(f), by substituting for the word "receiving" the word "bankruptcy".

47 Amendment of section 77   cite [+]

Section 77 of the principal Act is amended by substituting for the word "Consolidated" wherever appearing the words "Insolvency Assistance".

48 New section 77A   cite [+]

The principal Act is amended by inserting after section 77 the following section:

"77A. Insolvency Assistance Fund

(1) A fund to be known as the "Insolvency Assistance Fund" is established and shall be administered and controlled by the Director General of Insolvency.

(2) The Fund shall consist of-

(a) the profit of the investment under section 77; and

(b) all costs, fees, charges and moneys recovered by the Director General of Insolvency in any proceedings taken under this Act in which moneys from the Fund were applied.

(3) Subject to subsection (4), the Fund may be applied by the Director General of Insolvency for all or any of the following purposes:

(a) for the payment of all costs, fees and allowances to advocates or other persons in any proceedings on behalf of a bankrupt's estate or to recover assets of the estate;

(b) for the payment of such costs and fees in the administration of a bankrupt's estate as the Director General of Insolvency may determine;

(c) for the payment of any expenses to provide an efficient and effective administration of a bankrupt's estate that meets an appropriate standard of service; or

(d) for such other purposes as may be prescribed.

(4) No moneys from the Fund shall be applied for any proceedings where, in the opinion of the Director General of Insolvency, there is no reasonable ground for taking, defending, continuing or being a party to the proceedings or where there are sufficient moneys for such purpose in the bankrupt's estate.".

49 Amendment of section 84A   cite [+]

Subsection 84A(4) of the principal Act is amended by substituting for the word "debtor's" the word "bankrupt's".

50 Amendment of section 104   cite [+]

The proviso to subsection 104(4) of the principal Act is amended by substituting for the words "the receiving order has been rescinded or the order of adjudication" the words "the bankruptcy order".


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