Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 21 · Bankruptcy Miscellaneous Provisions
436. Insolvency Assistance Fund
Feedback & supportThe Official Assignee must maintain and administer a fund to be known as the Insolvency Assistance Fund (called in this section the Fund) in accordance with such regulations as may be prescribed.
Official Assignee
“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;
The following are to be paid into the Fund:
all unclaimed moneys mentioned in section 434(3);
all costs and fees recovered by the Official Assignee in any proceedings taken under Parts 3 and 13 to 22 in which moneys from the Fund were applied.
Subject to subsections (4) and (6), the Fund may be applied by the Official Assignee for all or any of the following purposes:
for the remuneration of special managers appointed under section 379;
for the payment of all costs, fees and allowances to solicitors and other persons in proceedings on behalf of a bankrupt’s estate or to recover assets of the estate;
for the payment of such costs and fees in the administration of a bankrupt’s estate as the Official Assignee may determine;
for such other purposes as may be prescribed.
If any claimant makes any demand against the Official Assignee for any amount of unclaimed moneys paid into the Fund under subsection (2)(a), the Minister may direct that payment of that amount, free of interest, be made to the claimant out of the Consolidated Fund.
Minister
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;
No moneys from the Fund may be applied for any proceedings where, in the opinion of the Official Assignee, there is no reasonable ground for taking, defending, continuing or being a party to the proceedings or where there are sufficient moneys for such purpose in the bankrupt’s estate.
bankrupt
“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;
The Minister may from time to time pay such sums of moneys out of the Fund and into the Consolidated Fund as the Minister may determine.