Bankruptcy Act - Australia

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apart from that subsection, to be reimbursed in respect of any personal liability referred to in that subsection or any other indemnity given to the Official Trustee in respect of any such liability.

      (4) Where the Commonwealth makes a payment in accordance with the indemnity referred to in subsection (2), the Commonwealth has the same right to reimbursement in respect of the payment (including reimbursement under another indemnity given to the Official Trustee) as the Official Trustee would have if the Official Trustee had made the payment.

      19 Duties etc. of trustee

      (1) The duties of the trustee of the estate of a bankrupt include the following:

      (a) notifying the bankrupt’s creditors of the bankruptcy;

      (b) determining whether the estate includes property that can be realised to pay a dividend to creditors;

      (c) reporting to creditors within 3 months of the date of the bankruptcy on the likelihood of creditors receiving a dividend before the end of the bankruptcy;

      (d) giving information about the administration of the estate to a creditor who reasonably requests it;

      (e) determining whether the bankrupt has made a transfer of property that is void against the trustee;

      (f) taking appropriate steps to recover property for the benefit of the estate;

      (g) taking whatever action is practicable to try to ensure that the bankrupt discharges all of the bankrupt’s duties under this Act;

      (h) considering whether the bankrupt has committed an offence against this Act;

      (i) referring to the Inspector-General or to relevant law enforcement authorities any evidence of an offence by the bankrupt against this Act;

      (j) administering the estate as efficiently as possible by avoiding unnecessary expense;

      (k) exercising powers and performing functions in a commercially sound way.

      (2) Where a person who became a bankrupt on a creditor’s petition is unable to prepare a proper statement of affairs, the trustee may employ, at the expense of the estate, a qualified person to assist in the preparation of the statement.

      19AA Power of investigation of bankrupt’s affairs

      (1) The trustee of the estate of a bankrupt may investigate:

      (a) the bankrupt’s conduct and examinable affairs; and

      (b) books, accounts and records kept by the bankrupt;

      so far as they relate to the bankruptcy.

      19A Liability of Inspector-General, Official Receivers etc.

      (1) The Commonwealth shall indemnify a person to whom this section applies against any liability incurred by him or her:

      (a) for any act done negligently, or negligently omitted to be done, by him or her in the course of the performance of his or her duties under this Act; and

      (b) for any act done by him or her in good faith in the purported performance of his or her duties under this Act.

      (2) The Commonwealth has the same liability for acts of, or omissions by, a person to whom this section applies in the course of the performance or purported performance of his or her duties under this Act as a master has for acts of, or omissions by, his or her servants.

      (3) A reference in this section to a person to whom this section applies shall be read as a reference to the Inspector-General, a Registrar, an Official Receiver, an officer performing any of the functions or duties, or exercising any of the powers, of an Official Receiver or an officer or other person assisting a Registrar or an Official Receiver in the performance of his or her functions or duties or the exercise of his or her powers.

      Division 2 Common Investment Fund

      20A Interpretation

      In this Division, unless the contrary intention appears:

      Common Fund means the Common Investment Fund established in pursuance of section 20B.

      Equalization Account means the Common Investment Fund Equalization Account continued in existence by section 20G.

      20B The Common Investment Fund

      (1) The Official Trustee shall open and maintain an account to be known as the Common Investment Fund.

      (2) All moneys (other than moneys to which subsection (8) applies) received by the Official Trustee after the commencement of this section shall be paid into the Common Fund.

      (3) All moneys (other than moneys to which subsection (8) applies) held by the Official Trustee at the commencement of this section, including moneys that, at that time, are held on deposit with a bank under subsection 172(1), and all investments made under that subsection and held by the Official Trustee at that time, shall form part of the Common Fund.

      (4) The Official Trustee shall open and maintain, with an ADI or ADIs, such accounts for the purposes of the Common Fund as are necessary for the purposes of the Common Fund.

      (6) The payment of moneys into an account referred to in subsection (4) shall be deemed to be the payment of those moneys into the Common Fund.

      (7) Any payment that the Official Trustee is authorized, required or permitted, by or under a provision of this Act, to make out of moneys standing to the credit of the estate of a bankrupt or a deceased debtor shall be made out of moneys in the Common Fund.

      (7A) Any payment that the Official Trustee is authorised, required or permitted to make under:

      (a) a debt agreement; or

      (b) a personal insolvency agreement;

      is to be made out of money in the Common Fund.

      (8) This subsection applies to moneys held or received by the Official Trustee:

      (a) under a direction given, or order made, under section 50; or

      (c) as the controlling trustee in relation to a debtor whose property is subject to control under Division 2 of Part X.

      20D Investment of money in Common Fund

      (1) The moneys in the Common Fund not immediately required for the purposes of this Act may be invested by the Official Trustee:

      (a) in public securities; or

      (b) in a loan the repayment of which is guaranteed by the Commonwealth, a State or a Territory; or

      (c) in a loan to a municipal corporation or other local governing body in Australia; or

      (d) in a loan to, or on deposit with, an ADI; or

      (e) in bank bills accepted or endorsed by an ADI.

      (4) The Official Trustee:

      (a) shall endeavour to ensure that the moneys in the Common Fund lodged in accounts at call with an ADI or ADIs are, as far as practicable, at all times sufficient to meet the payments that under this Act are to be made out of moneys in the Common Fund; and

      (b) will ensure that moneys in the Common Fund that, in the opinion of the Official Trustee, are not required to be kept in accounts at call with an ADI or ADIs in accordance with paragraph (a) are, as far as practicable, invested in accordance with subsection (1).

      (6) Interest derived from the investment of moneys in the Common Fund is not subject to taxation under a law of the Commonwealth, a State or a Territory of the Commonwealth.

      (7) The Common Fund is not subject to taxation under a law of the Commonwealth, or to taxation under a law of a State or Territory of the Commonwealth to which the Commonwealth is not subject, and the Official Trustee is not otherwise subject to taxation under such a law in respect of anything done in the exercise of powers conferred on it by subsection (1).

      (8) In this section, public securities means:

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