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LAW AND JUSTICE LEGISLATION AMENDMENT BILL 1994

Order of the day read for the further consideration of the bill in

committee of the whole.

In the committee

Bill, as amended, further debated.

On the motion of the Minister for Immigration and Ethnic Affairs

(Senator Bolkus) the following amendment was debated and agreed to:

At end of bill, page 30, add the following Part:

"PART 9--AMENDMENT OF THE BANKRUPTCY ACT 1966

Principal Act

"85. In this Part, "Principal Act' means the Bankruptcy Act 19667.

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.".

Bill, as amended, agreed to.

Bill to be reported with amendments.

The Deputy President (Senator Crichton-Browne) resumed the Chair and the

Temporary Chairman of Committees (Senator West) reported accordingly.

On the motion of Senator Bolkus the report from the committee was

adopted and the bill read a third time.

Question put and passed.