Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
 Download Current HansardDownload Current Hansard   

Previous Fragment    Next Fragment
Wednesday, 11 May 1994
Page: 675


Senator BOLKUS (Minister for Immigration and Ethnic Affairs and Minister Assisting the Prime Minister for Multicultural Affairs) (6.26 p.m.) —I move:

(5)After clause 84, page 30, add the following new Part:

"PART 9—AMENDMENT OF THE BANKRUPTCY ACT 1966

  Principal Act

    "85.In this Part, `Principal Act' means the Bankruptcy Act 1966.

  Property divisible among creditors

    "86.Section 116 of the Principal Act is amended:

    (a)by inserting after paragraph (2)(mb) the following paragraphs:

      `(mc)amounts paid to the bankrupt for re-establishment support under the Rural Adjustment Scheme within the meaning of the Rural Adjustment Act 1992;

      `(md)amounts paid to the bankrupt by the Commonwealth as compensation in relation to the loss of:

        (i)an amount described in paragraph (k), (m), (ma), (mb) or (mc); or

        (ii)property purchased or acquired wholly or partly with such an amount;';

    (b)by omitting from paragraph (c) of the definition of `exempt money' in subsection 116(2D) `or (ma);' and substituting `(ma), (mb), (mc) or (md);';

    (c)by omitting from subsection (3) `as at the time when the bankrupt becomes a bankrupt,' and substituting `at any time,'.

  Application

  "87.(1) The amendments made by section 86 apply to any bankruptcy for which the date of the bankruptcy is after the day on which this Act receives the Royal Assent.

  "(2) So far as the amendments made by section 86 relate to RAS payments, they also apply to any bankruptcy that resulted or results from a creditor's petition or a debtor's petition presented after 28 April 1994. For the purposes of this subsection, `RAS payments' means amounts described in paragraph (2)(k), (m), (ma), (mb), (mc) or (md) of the Principal Act as amended by this Act.

    "(3) Subsection (2):

    (a)does not affect any distribution of a dividend on or before the day on which this Act receives the Royal Assent; and

    (b)does not make the trustee liable for any act or omission of the trustee that occurred on or before the day on which this Act receives the Royal Assent.".

I do not need to say much more to the substance of the amendment other than to thank Senator Vanstone for her cooperation during the day. The situation, as she mentioned, was generally the way it happened. As she rightly said there was a mistake. I have asked for mechanisms to be put in place so that does not happen again; and I have been given assurances that it will not. Let us hope that that sort of process in future will mean that we do not find ourselves in the situation we were in this morning. We have had cooperation from the opposition and the Australian Democrats and, with that, we have minimised the amount of time that might have been wasted on this issue. I thank the Senate for its cooperation.