Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 3 · Official Assignee, Official Receiver and Insolvency Practitioners
38. Person appointed as trustee in bankruptcy to furnish security before acting
Feedback & supportA person appointed as a trustee in bankruptcy —
trustee in bankruptcy
“trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate.
must not commence acting as such trustee until the person has given security in accordance with subsection (2); and
where the trustee’s security has been forfeited under section 42(8), must not continue acting as such trustee until the person has given fresh security in accordance with subsection (2).
The trustee in bankruptcy must give security in such manner as the Official Assignee may specify, and to the satisfaction of the Official Assignee that the trustee will faithfully perform the trustee’s duties and duly observe all the requirements imposed on the trustee by this Act or any other written law with respect to the performance of the trustee’s duties.
trustee
“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;
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.