Section 281 — Bankruptcy Act 1966 (Cth)

(1) If any interest charge or realisations charge remains unpaid after the time for payment of the charge, the person liable to pay the charge is liable to pay to the Commonwealth a late payment penalty calculated from that time at the rate of 20% per year on the amount unpaid.

(2) The person liable to pay late payment penalty is personally liable to pay the penalty and is not entitled to be reimbursed in respect of the penalty out of the bankrupt’s estate, the deceased person’s estate or the debtor’s property, as the case may be.

Related sections

• s 278 — Interpretation
• s 279 — Administration of, and powers and functions in relation to, the Charges Acts
• s 280 — Deferred payment of interest charge or realisations charge
• s 282 — Extension of time for payment—interest charge and realisations charge
• s 283 — Remission of interest charge, realisations charge and late payment penalty
• s 284 — Recovery of interest charge, realisations charge and late payment penalty

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