Trustee may determine that the supervised account regime applies to the bankrupt
(1) The trustee of a bankrupt’s estate may, by written notice given to the bankrupt, determine that the supervised account regime applies to the bankrupt. (2) The trustee must not make a determination under subsection (1) in relation to the bankrupt unless, at the time the determination is made: (a) the bankrupt is liable to pay a contribution; and (b) either: (i) if the trustee has made a determination under section 139ZG permitting the contribution to be paid by instalments—the bankrupt has not paid the whole of an instalment at or before the time when it became payable; or (ii) if the trustee has made a determination under section 139ZG requiring the bankrupt to pay the contribution at a specified time—the bankrupt has not paid the whole of the contribution at or before the time when it became payable. (3) A notice under subsection (1) must be in the approved form. (4) A notice under subsection (1) must be accompanied by: (a) a supervised account notice relating to the bankrupt concerned; and (b) a statement setting out: (i) the effect of sections 139ZIE to 139ZIT; and (ii) such other information (if any) as is specified in the regulations.
Sourced from the Federal Register of Legislation at 26 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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