In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 21 · Bankruptcy Miscellaneous Provisions

434. Unclaimed and undistributed moneys

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(1)

Where a trustee in bankruptcy or nominee is in possession of or has under the control of the trustee or nominee —

(a)

any unclaimed dividend or other moneys which have remained unclaimed for more than 6 months from the date when the dividend or other moneys became payable; or

(b)

after making final distribution, any unclaimed or undistributed moneys arising from the property of a bankrupt,the trustee or nominee (as the case may be) must forthwith pay those moneys to the Official Assignee to be placed to the credit of the Bankruptcy Estates Account.

(2)

Upon payment under subsection (1), the Official Assignee must issue to the trustee in bankruptcy or nominee the prescribed certificate of receipt for the moneys so paid and that certificate is an effectual discharge to the trustee or nominee in respect of the payment.

(3)

The Official Assignee must from time to time pay out of the Bankruptcy Estates Account and into the Insolvency Assistance Fund maintained under section 436 so much of the sums standing to the credit of the Bankruptcy Estates Account as represents —

(a)

dividends or balances in the Bankruptcy Estates Account which do not exceed $50;

(b)

dividends which were declared but have not been claimed for a period of 6 years; or

(c)

balances in the Bankruptcy Estates Account which have not been claimed for a period of 6 years after the date that —

(i)

the bankruptcy order has been annulled by the Court;

(ii)

the bankrupt has been discharged from bankruptcy by the Court;

(iii)

the bankrupt has been discharged from bankruptcy by a certificate issued by the Official Assignee;

(iv)

the bankruptcy application made against a debtor has been withdrawn by the applicant or dismissed by the Court; or

(v)

the moneys were paid into the Bankruptcy Estates Account under subsection (1).

(4)

The Official Assignee must from time to time pay out of the Debt Repayment Schemes Account and into the Debt Repayment Scheme Assistance Fund maintained under section 435 so much of the sums standing to the credit of the Debt Repayment Schemes Account as represents —

(a)

balances in the Debt Repayment Schemes Account which do not exceed $50; or

(b)

balances in the Debt Repayment Schemes Account in respect of a debt repayment scheme which have remained unclaimed for a period of 6 years after the date on which the debt repayment scheme has ceased under section 298(1).

Terms defined in this Act

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
bankruptcy application
Defined · s 273
“bankruptcy application” means an application to the Court for a bankruptcy order;
Open s 273
bankruptcy order
Defined · s 273
“bankruptcy order” means an order adjudging a debtor bankrupt;
Open s 273
Court
Defined · s 2
“Court” means the General Division of the High Court;
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
debtor
Defined · s 288
“debtor” means the individual to whom a debt repayment scheme applies under this Part;
Open s 288
nominee
Defined · s 273
“nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part 14 to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes —(a)any replacement of such person pursuant to a direction under section 280(3)(a) or an order under section 286(5); and(b)any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 282(3);
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
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