Bankruptcy Act - Australia

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she becomes a bankrupt; or

      (b) he or she executes a personal insolvency agreement; or

      (c) he or she is absent from 5 consecutive meetings of the committee; or

      (d) in the case of a member who is not a creditor, he or she ceases to be a person authorized by a creditor to act for him or her in relation to the bankruptcy.

      (3) A member of such a committee may be removed from office by resolution at a meeting of creditors of which 7 days’ notice, stating the object of the meeting, has been given.

      (4) Where:

      (a) a vacancy has occurred in the membership of such a committee; and

      (b) there are 2 or more continuing members;

      the continuing members may act notwithstanding the vacancy and may appoint an eligible person to fill the vacancy.

      (5) Where the number of members of such a committee is at any time less than 2, a creditor may request the trustee to convene a meeting of creditors for the purpose of filling the vacancy or all or any of the vacancies and the trustee shall convene a meeting accordingly.

      72 Member of committee not to purchase part of estate

      (1) A member of the committee of inspection shall not, while acting as such a member, except by leave of the Court, either directly or indirectly, become purchaser of any part of the property of the bankrupt.

      (2) Where a member of the committee of inspection is a person authorized by a creditor to act for the creditor in relation to the bankruptcy, the creditor shall not, while that person is acting as a member of the committee, except by leave of the Court, either directly or indirectly, become purchaser of any part of the property of the bankrupt.

      (3) A purchase made in contravention of this section may be set aside by the Court on the application of a creditor.

      Division 6 Composition or arrangement with creditors

      73 Composition or arrangement [see Table B]

      (1) Where a bankrupt desires to make a proposal to his or her creditors for:

      (a) a composition in satisfaction of his or her debts; or

      (b) a scheme of arrangement of his or her affairs;

      he or she may lodge with the trustee a proposal in writing signed by him or her setting out the terms of the proposed composition or scheme of arrangement and particulars of any sureties or securities forming part of the proposal.

      (1A) The trustee must, within 2 working days after receiving the proposal, give a copy of the proposal to the Official Receiver.

      Penalty: 5 penalty units.

      Note: See also section 277B (about infringement notices).

      (1B) For the purposes of subsection (1A), a working day is a day that is not a Saturday, Sunday or public holiday in the place in which the bankrupt resides.

      (1C) Subsection (1A) is an offence of strict liability.

      Note: For strict liability, see section 6.1 of the Criminal Code.

      (2) The trustee shall call a meeting of creditors and shall send to each creditor before the meeting a copy of the proposal accompanied by a report on it.

      (2A) The report must indicate whether the proposal would benefit the bankrupt’s creditors generally.

      (2AA) The report must name each creditor who was identified as a related entity of the bankrupt in the bankrupt’s statement of affairs.

      (2B) The trustee may refuse to call the meeting if the proposal does not make adequate provision for payment to the trustee of accrued fees that:

      (a) are owing to the trustee (at the time the proposal is lodged) in respect of the administration of the bankrupt’s estate, but are not able to be taken out of the bankrupt’s estate; and

      (b) have been approved by the creditors before the proposal is considered.

      (3) The bankrupt may, at the meeting, amend the terms of his or her proposal, but not in a way that reduces any provision for payment to the trustee of fees referred to in subsection (2B).

      (4) The creditors may, by special resolution, accept the proposal.

      (5) A creditor who has proved his or her debt may assent to or dissent from the proposal by written notice to that effect delivered to the trustee before the meeting or sent by post to the trustee and received by him or her before the meeting, and in that case the creditor shall, for the purposes of this Division, be deemed to have been present at the meeting and to have voted according to his or her assent or dissent.

      73A Trustee may require surety for cost of meeting

      (1) Before calling a meeting under section 73, the trustee may require the bankrupt to lodge with the trustee an amount that is sufficient to cover:

      (a) the estimated costs that will be incurred by the trustee in arranging and holding the meeting; and

      (b) the estimated fee that will (if approved by the creditors) be payable to the trustee in respect of the meeting.

      (2) If the amount lodged by the bankrupt is more than the actual costs and fee, then the trustee must refund the excess to the bankrupt.

      73B Declaration of relationships by proposed trustee of composition or scheme of arrangement

      (1) This section applies if the proposal provides that a person (the proposed trustee) other than the trustee of the bankrupt’s estate is to become the trustee of the composition or scheme of arrangement.

      (2) The proposed trustee must make a written declaration stating whether the bankrupt is a related entity of:

      (a) the proposed trustee; or

      (b) a related entity of the proposed trustee.

      (3) The proposed trustee must:

      (a) give a copy of the declaration to the Official Receiver; and

      (b) give a copy of the declaration to the trustee of the bankrupt’s estate; and

      (c) keep a copy of the declaration.

      (4) The trustee of the bankrupt’s estate must give a copy of the declaration to each of the creditors at the same time as the trustee gives a copy of the subsection 73(2) report to each creditor.

      73C Statement of affairs and declarations of relationships to be tabled at meeting

      Scope

      (1) This section applies to a meeting that is called under section 73.

      Bankrupt’s statement of affairs

      (2) The trustee must table at the meeting a copy of the bankrupt’s statement of affairs.

      (3) If:

      (a) the bankrupt had been required, immediately before the start of the meeting, to prepare a statement of affairs; and

      (b) that statement would have differed in one or more material respects from the statement a copy of which was tabled under subsection (2);

      the bankrupt must table at the meeting a written statement identifying those differences.

      Proposed trustee’s declaration

      (4) If the proposal provides that a person (the proposed trustee) other than the trustee of the bankrupt’s estate is to become the trustee of the composition or scheme of arrangement, the trustee of the bankrupt’s estate must table at the meeting a copy of the declaration made by the proposed trustee under subsection 73B(2).

      (5) If:

      (a) the proposal provides that a person (the proposed trustee) other than the trustee of the bankrupt’s estate is to become the trustee of the composition or scheme of arrangement;

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