Bankruptcy Act. Australia
and
(b) assuming that the proposed trustee had been required, immediately before the start of the meeting, to make a declaration stating whether the bankrupt is a related entity of:
(i) the proposed trustee; or
(ii) a related entity of the proposed trustee;
that declaration would have differed in one or more material respects from the declaration made by the proposed trustee under subsection 73B(2);
the proposed trustee must table at the meeting a written statement identifying those differences.
74 Annulment of bankruptcy [see Table B]
(5) Upon the passing of a special resolution at a meeting of creditors of a bankrupt under subsection 73(4), the bankruptcy is annulled, by force of this subsection, on the date on which the special resolution was passed.
(5A) The trustee must, before the end of the period of 2 days beginning on that date, give the Official Receiver a written notice setting out the name and the bankruptcy number of the former bankrupt and the date of the annulment.
Penalty: 5 penalty units.
Note: See also section 277B (about infringement notices).
(5B) Subsection (5A) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
(6) Where a bankruptcy is annulled under this section, all sales and dispositions of property and payments duly made, and all acts done, by the trustee or any person acting under the authority of the trustee or the Court before the annulment shall be deemed to have been validly made or done but, subject to subsection (7), the property of the bankrupt still vested in the trustee vests in such person as the Court appoints or, in default of such an appointment, reverts to the bankrupt for all his or her estate or interest in it, on such terms and subject to such conditions (if any) as the Court orders.
(7) Where a law of the Commonwealth or of a State or Territory of the Commonwealth requires the transmission of property to be registered, any such property vested in the trustee at the time of the annulment of the bankruptcy, notwithstanding that it vests in equity in such person as the Court appoints or in the bankrupt, as the case may be, does not vest in that person or the bankrupt at law until the requirements of that law have been complied with.
74A Variation of composition or scheme of arrangement
(1) This section applies to a composition or scheme of arrangement that has been accepted in accordance with this Division.
Variation by special resolution of creditors
(2) The creditors, with the written consent of the debtor, may vary the composition or scheme by special resolution at a meeting called for the purpose.
Variation proposal by trustee
(3) The trustee may, in writing, propose a variation of the composition or scheme. The trustee cannot propose a variation without the written consent of the debtor.
(4) The trustee must give notice of the proposed variation to all the creditors who would be entitled under section 64A (as that section applies in accordance with section 76A) to receive notice of a meeting of creditors.
(5) The notice must:
(a) include a statement of the reasons for the variation and the likely impact it will have on creditors (if it takes effect); and
(b) specify a proposed date of effect for the variation (at least 14 days after the notice is given); and
(c) state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the variation taking effect without there being a meeting of creditors.
(6) If no creditor lodges a written notice of objection with the trustee at least 2 days before the specified date, then the proposed variation takes effect on the date specified in the notice.
(7) A certificate signed by the trustee stating any matter relating to a proposed variation under this section is prima facie evidence of the matter.
75 Effect of composition or scheme of arrangement [see Table B]
(1) Subject to this section, a composition or scheme of arrangement accepted in accordance with this Division is binding on all the creditors of the bankrupt so far as relates to provable debts due to them from the bankrupt.
(2) The acceptance of a composition or scheme of arrangement does not:
(a) except with the consent of the creditor to whom the debt is due, release the bankrupt from a provable debt that would not be released by his or her discharge from bankruptcy; or
(b) release any other person from any liability from which he or she would not be released by the discharge of the bankrupt.
(3) The provisions of a composition or scheme of arrangement that has been accepted in accordance with this Division may be enforced by the Court on application by a person interested, and disobedience of an order of the Court made on the application is a contempt of the Court and is punishable accordingly.
76 Application of Part VIII to trustee of a composition or arrangement
(1) Part VIII applies, with any modifications prescribed by the regulations, in relation to the trustee of a composition or scheme of arrangement under this Division as if the debtor were a bankrupt and the trustee were the trustee in his or her bankruptcy.
(2) If, after taking into account the modifications prescribed by the regulations, a provision of Part VIII is incapable of application in relation to the trustee of a composition or scheme of arrangement, or is inconsistent with this Division, that provision does not so have application.
76A Meetings of creditors
Division 5 of Part IV applies, so far as it is capable of applying and with such modifications (if any) as are prescribed by the regulations, to meetings of creditors under this Division.
76B Setting aside and termination of a composition or scheme of arrangement
Sections 222 to 222D, 224 and 224A apply, with such modifications (if any) as are prescribed by the regulations, in relation to a composition or scheme of arrangement under this Division as if:
(a) the composition or scheme were a personal insolvency agreement executed by the debtor; and
(b) the trustee of the composition or scheme were the trustee of the personal insolvency agreement.
Part V Control over person and property of debtors and bankrupts
Division 1 General
77 Duties of bankrupt as to discovery etc. of property
(1) A bankrupt shall, unless excused by the trustee or prevented by illness or other sufficient cause:
(a) forthwith after becoming a bankrupt, give to the trustee:
(i) all books (including books of an associated entity of the bankrupt) that are in the possession of the bankrupt and relate to any of his or her examinable affairs; and
(ii) the bankrupt’s passport, if any; and
(b) attend the trustee whenever the trustee reasonably requires; and
(ba) give such information about any of the bankrupt’s conduct and examinable affairs as the trustee requires; and
(bb) as soon as practicable after becoming a bankrupt, advise the trustee of any material change that occurred between the time the bankrupt lodged his or her statement of affairs and the time the bankrupt became a bankrupt; and
(bc) if a material change occurred later, advise the trustee of that change as soon as practicable after the change occurs; and
(c) attend a meeting of creditors whenever the