Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 3 · Official Assignee, Official Receiver and Insolvency Practitioners
44. Removal of trustee in bankruptcy
Feedback & supportA trustee in bankruptcy may be removed from office only by an order of the Court or by a general meeting of the bankrupt’s creditors summoned especially for that purpose in accordance with the regulations.
trustee in bankruptcy
“trustee in bankruptcy” means a person appointed under section 36 as trustee of a bankrupt’s estate.
A trustee in bankruptcy vacates that office if the trustee in bankruptcy ceases to be a licensed insolvency practitioner.
licensed insolvency practitioner
“licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51;
Subject to subsection (4), a trustee in bankruptcy may resign from that office —
by giving 2 months’ notice of the trustee’s resignation to the Court and the Official Assignee; and
by filing an application to the Court for the appointment of the Official Assignee or another person to act as trustee of the bankrupt’s estate.
A trustee in bankruptcy cannot resign from that office unless the trustee —
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;
has submitted to the Official Assignee a report on the work done in relation to the bankrupt’s estate, containing such particulars as may be prescribed;
has nominated to act as trustee of the bankrupt’s estate —
another person who consents to act as trustee; or
the Official Assignee, if the Official Assignee consents in writing to the appointment; and
has given the bankrupt’s creditors notice of the trustee’s intention to resign and of the identity of the person nominated under paragraph (b).
A trustee in bankruptcy vacates that office if the bankruptcy order is annulled.
bankruptcy order
“bankruptcy order” means an order adjudging a debtor bankrupt;
A trustee in bankruptcy must, not later than 2 months after vacating that office under subsection (2) or such further period as the Official Assignee may allow, submit to the Official Assignee a report on the work done in relation to the bankrupt’s estate, containing such particulars as may be prescribed.
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;
A trustee in bankruptcy who, without reasonable excuse, fails to comply with subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.