In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy

344. Review by Official Assignee of administration by trustee in bankruptcy

(1)

A trustee in bankruptcy must, not later than 30 days after each relevant anniversary of the administration date for the bankruptcy, submit to the Official Assignee a report (in such form as may be prescribed) of the trustee’s administration of the bankruptcy.

(2)

The report under subsection (1) is to contain particulars of —

(a)

the total amount of debts owed to creditors who have filed their proof of debt;

(b)

the property of the bankrupt comprised in the bankruptcy estate and the status of the realisation of such property;

(c)

the monthly contribution and target contribution for the bankruptcy;

(d)

the payments that have been made by the bankrupt to the bankruptcy estate; and

(e)

any other payments that have been made to the bankruptcy estate.

(3)

Upon receipt of a report under subsection (1), if the Official Assignee is of the opinion that the monthly contribution and target contribution determined by the trustee in bankruptcy are excessive, the Official Assignee may issue a certificate reducing the monthly contribution and target contribution.

(4)

In this section, “relevant anniversary”, in relation to the administration date for a bankruptcy, means —

(a)

in any case where the bankruptcy is a repeat bankruptcy, the seventh and every subsequent anniversary of the administration date; and

(b)

in any other case, the fifth and every subsequent anniversary of the administration date.

Terms defined in this Act

administration date
Defined · s 273
“administration date” means —(a)the date of submission by the bankrupt of the statement of the bankrupt’s affairs; or(b)where the bankrupt is directed by the Official Assignee under section 332(4)(c) to submit supplementary information, the date of submission of the supplementary information if later;
Open s 273
bankrupt
Defined · s 2
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Open s 2
debt
Defined · s 288
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
Open s 288
monthly contribution
Defined · s 273
“monthly contribution” means —(a)the amount, determined in accordance with section 339, that a bankrupt is required, under section 371, to pay to the Official Assignee on a monthly basis out of the bankrupt’s income; or(b)if the amount mentioned in paragraph (a) is varied by the Court under section 340(5)(a), 341(1) or 343(4)(a) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be;
Open s 273
Official Assignee
Defined · s 2
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;
Open s 2
property
Defined · s 2
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Open s 2
target contribution
Defined · s 273
“target contribution” means —(a)an amount equal to —(i)in any case where the bankruptcy is a repeat bankruptcy, 76 payments of monthly contributions determined in accordance with section 339; or(ii)in any other case, 52 payments of monthly contributions determined in accordance with section 339; or(b)if the amount referred to in paragraph (a) is varied by the Court under section 340(5)(a), 341(1) or 343(4)(a) or reduced by the Official Assignee under section 342(1) or 344(3), that amount as varied or reduced, as the case may be.
Open s 273
trustee
Defined · s 2
“trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate and includes the Official Assignee when acting as trustee of the bankrupt’s estate;
Open s 2
trustee in bankruptcy
Defined · s 2
“trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate.
Open s 2