Clause 14
New section 63A
of Bankruptcy (Amendment) Bill
BillNot in forceProvision 14 of 59
Clause 14
The Bankruptcy Act is amended by inserting, immediately after section 63, the following section:“Expedited bankruptcy application63A. A creditor’s bankruptcy application which relies on a statutory demand may be made before the end of the period of 21 days referred to in section 62(a), if —
(a)
there is a serious possibility that the debtor’s property, or the value of all or any of the debtor’s property, will be significantly diminished during that period; and
(b)
the application contains a statement to that effect.”.