Statutory Rules 1981 No. 3041
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Bankruptcy Rules2 (Amendment)
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Rules under the Bankruptcy Act 1966.
Dated 21 October 1981.
ZELMAN COWEN
Governor-General
By His Excellency’s Command,
JOHN MOORE
Minister of State for Business and Consumer Affairs
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Commencement
1. These Rules shall come into operation on 1 November 1981.
Matters prescribed for the purposes of section 149 of the Act
2. Rule 51a of the Bankruptcy Rules is amended by omitting “sub-section 149 (10)” and substituting “sub-sections 149 (10) and (13)”.
Fees and percentages payable to the Official Receiver and Official Trustee
3. Rule 182 of the Bankruptcy Rules is amended—
(a) by omitting from paragraphs (2) (d) and (e) “$150” (wherever occurring) and substituting “$1,000”;
(b) by inserting in paragraphs (2) (f) and (g) “in respect of the estate or the debtor” after “if the prescribed amount” (wherever occurring);
(c) by omitting from paragraph (2) (f) “$2,050” and substituting “$2,900”; and
(d) by omitting from paragraph (2) (g) “$3550” and substituting “$4,400”.
Schedule 1
4. Schedule 1 to the Bankruptcy Rules is amended by omitting from Forms 29 and 30 “$4,000” (wherever occurring) and substituting “$100,000”.
Schedule 6
5. Schedule 6 to the Bankruptcy Rules is amended—
(a) by omitting paragraphs (a) and (b) in the second column of Item 4 and substituting the following paragraphs:
“(a) of a sitting of the Court or of the Registrar;
(b) of a meeting of creditors (other than a first meeting of creditors); or
(ba) of a bankruptcy and forwarding a summary of the statement of affairs,”;
(b) by omitting from Item 5 “140 (5)” and substituting “140 (8)”; and
(c) by omitting from Items 6 and 7 “paragraph 140 (3) (a) of the Act” (wherever occurring) and substituting “paragraph 19 (1) (e) or 140 (3) (a), or sub-section 310 (1) or (4), of the Act or of rule 92”.
NOTES
1. Notified in the Commonwealth of Australia Gazette on 30 October 1981.
2. Statutory Rules 1968 No. 2 as amended to date. For previous amendments see Note 2 to Statutory Rules 1981 No. 40 and see also Statutory Rules 1981 No. 40.
Overview
Statutory Rules 1981 No. 3041, the Bankruptcy Rules (Amendment) Rules, were enacted in 1981 to address amendments to the Bankruptcy Rules under the Bankruptcy Act 1966. The rules were made by the Governor-General of the Commonwealth of Australia, acting on the advice of the Federal Executive Council. The overarching objective of these amendments was to update various aspects of the Bankruptcy Rules to ensure they reflect current economic conditions and administrative needs. The rules include adjustments to fees payable to the Official Receiver and Official Trustee, modifications to prescribed amounts in various schedules, and alterations to the rules governing the reporting of court and creditor meetings, aiming to improve the efficiency and relevance of the bankruptcy process.
Scope and Application
The Statutory Rules 1981 No. 3041, enacted under the Bankruptcy Act 1966, primarily amend the Bankruptcy Rules to update various fees and prescribed amounts related to bankruptcy proceedings. These amendments apply to individuals and entities involved in bankruptcy processes, such as debtors, creditors, and officers of the court, and affect transactions and conduct related to bankruptcy administration. Geographically, the application of these rules is nationwide as they pertain to the Commonwealth of Australia. The rules do not explicitly exclude any specific persons or entities but rather broadly apply to all matters governed by the Bankruptcy Act 1966. The amendments cover fee structures, prescribed monetary thresholds in court forms, and specific references to sections of the Act, thereby extending or clarifying the application of the legislation through subordinate instruments.
Key Provisions
The Statutory Rules 1981 No. 3041, amending the Bankruptcy Rules under the Bankruptcy Act 1966, come into effect on 1 November 1981. One of the primary changes involves Rule 51a, which now references sub-sections 149 (10) and (13) of the Act, as opposed to just sub-section 149 (10) (Rule 2). Another significant amendment concerns the fees and percentages payable to the Official Receiver and Official Trustee. Specifically, Rule 182 is modified to increase certain prescribed fees. For example, the amount from $150 is now $1,000, and $2,050 is now $2,900, among other changes (Rule 3). Additionally, Schedule 1 to the Bankruptcy Rules has been updated to change the amount from $4,000 to $100,000 in Forms 29 and 30 (Schedule 1).
These amendments impose new financial obligations on debtors and their creditors. The updated fees and percentages in Rule 182 mean that those involved in the bankruptcy process now face higher costs. For example, creditors must pay a higher fee if the prescribed amount exceeds certain thresholds, and the Official Receiver and Official Trustee will receive increased remuneration for their services. Furthermore, the amendments to Schedule 1, replacing $4,000 with $100,000, likely affect the thresholds for various procedural requirements, thereby impacting the administrative aspects of bankruptcy proceedings (Rule 3 and Schedule 1).
Non-compliance with these amended rules may lead to various legal consequences. The Bankruptcy Rules, as amended, establish specific financial obligations and procedural requirements that must be met. Failure to adhere to these updated rules could result in procedural errors, financial discrepancies, or even legal disputes. The precise consequences of non-compliance would depend on the specific breach and the context in which it occurs, but generally, it could lead to the invalidation of certain actions taken under the bankruptcy process, financial penalties, or other legal ramifications. The exact penalties and consequences would need to be determined by the courts in the context of any particular case of non-compliance (Rule 2, 3 and Schedule 1).