2002-2003-2004

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

Bankruptcy Legislation Amendment Bill 2004

 

 

(Government)

(1)     Schedule 1, page 48 (after line 22), after item 191, insert:

Corporations Act 2001

191A  Section 9 (paragraphs (d) and (e) of the definition of insolvent under administration )

Repeal the paragraphs, substitute:

                     (d)  a person who has executed a personal insolvency agreement under:

                              (i)  Part X of the Bankruptcy Act 1966 ; or

                             (ii)  the corresponding provisions of the law of an external Territory or the law of a foreign country;

                            where the terms of the agreement have not been fully complied with.

 [personal insolvency agreements]

(2)     Schedule 1, page 48, after proposed item 191A, insert:

191B  Subparagraph 53AB(b)(iv)

Omit “deed of assignment, deed of arrangement, or composition,”, substitute “personal insolvency agreement”.

191C  Paragraph 53AB(c)

Omit “deed of assignment or arrangement, a person acting under such an authority or a person administering such a composition”, substitute “personal insolvency agreement or a person acting under such an authority”.

[personal insolvency agreements]

(3)     Schedule 1, page 48, after proposed item 191C, insert:

191D  Subsection 206B(4)

Repeal the subsection, substitute:

             (4)  A person is disqualified from managing corporations if:

                     (a)  the person has executed a personal insolvency agreement under:

                              (i)  Part X of the Bankruptcy Act 1966 ; or

                             (ii)  a similar law of an external Territory or a foreign country; and

                     (b)  the terms of the agreement have not been fully complied with.

Note:       The heading to subsection 206B(3) is replaced by the heading “ Bankruptcy or personal insolvency agreement ”.

[personal insolvency agreements]