Clause 18

Section 76 of the Bankruptcy Act is amended by deleting subsection (4) and substituting the following subsection:“(4) Despite subsection (3) and section 94, a secured creditor is not entitled to any interest in respect of the secured creditor’s debt after the making of a bankruptcy order if the secured creditor does not realise the secured creditor’s security within 12 months after the date of the bankruptcy order or such further period as the Official Assignee may determine.”.