STATUTORY RULES.
1939. No. 41.
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RULES UNDER THE BANKRUPTCY ACT 1924-1933.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Rules under the Bankruptcy Act 1924-1933.
Dated this Twenty-fourth
day of May,1939.
(SGD.) W. M. HUGHES
(SGD.) GOWRIE.
Governor-General.
By His Excellency’s Command,
Attorney-General.
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Amendment of the Bankruptcy Rules.†
Commencement.
1. These Rules shall be deemed to have come into operation on the first day of January, 1937.
Amendment of Item 13 of Table A of the Third Schedule.
2. Item 13 of Table A in the Third Schedule to the Bankruptcy Rules is amended by omitting the words “On all further sums, 10s. per cent.” and inserting in their stead the following words and figures:—
“On the next £10,000 or fraction thereof, 10s. per cent.
On all further sums, 4s. per cent.”.
Amendment of Sixth Schedule.
3. Table 2 of the Sixth Schedule to the Bankruptcy Rules is repealed and the following Table inserted in its stead:—
“Table 2.
Fees of Official Receivers.
Where the amount realized or brought to credit— | The fee shall be— |
does not exceed £50............................. | £5 |
exceeds £50 but does not exceed £100................. | £9 |
exceeds £100 but does not exceed £200................ | £16 |
exceeds £200 but does not exceed £300................ | £21 |
exceeds £300 but does not exceed £400................ | £24 |
exceeds £400 but does not exceed £500................ | £25 |
exceeds £500 but does not exceed £10,000.............. | £25 plus £5 for every £100 or fraction of £100 in excess of £500 |
exceeds £10,000 but does not exceed £20,000............ | £500 plus £2 10s. for every £100 or fraction of £100 in excess of £10,000 |
exceeds £20,000................................ | £750 plus £1 for every £100 or fraction of £100 in excess of £20,000.” |
* Notified in the Commonwealth Gazette on , 1939.
† Statutory Rules 1934, No. 77, as amended by Statutory Rules 1935, Nos. 34 and 122; 1936, No. 101; and 1937, No. 111.
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By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
941.—6/26.4.1939.—Price 3d.
Overview
The Statutory Rules 1939 No. 41, made under the Bankruptcy Act 1924-1933, represent a legislative instrument designed to amend the existing bankruptcy rules in Australia. Enacted by the Governor-General, acting on the advice of the Federal Executive Council, these rules were introduced to refine and adjust various aspects of bankruptcy proceedings. The amendments aim to address gaps and issues within the existing framework by updating fee structures and percentages applied to bankruptcy realisations. This legislative action ensures that the rules governing bankruptcy in Australia remain current and effective in their application, reflecting the policy objective of maintaining a fair and efficient insolvency system.
Scope and Application
The Statutory Rules of 1939, No. 41, amend the Bankruptcy Rules under the Bankruptcy Act 1924-1933, and these amendments came into operation on 1 January 1937. These rules apply to individuals, estates, and entities involved in bankruptcy proceedings within the Commonwealth of Australia, focusing on the conduct and transactions associated with bankruptcy administration. The rules revise fees payable to the Official Receiver based on the amount realised or brought to credit from a bankrupt's estate, affecting various parties within the bankruptcy process. The scope of these rules is national, encompassing all jurisdictions within Australia and applying uniformly across the Commonwealth. The rules provide specific thresholds and fee structures for Official Receivers, modifying previous rates and establishing new ones based on escalating amounts realised from the estate. Subordinate instruments may further extend or restrict the application of these rules, although such details are not elaborated upon in the given legislative instrument.
Key Provisions
These Rules, made under the Bankruptcy Act 1924-1933, primarily revise the fees charged for various services related to bankruptcy proceedings, effective from 1 January 1937 (s. 1). The most notable amendment is to Item 13 of Table A in the Third Schedule (s. 2), which changes the percentage fee on sums realised from bankruptcy estates, now charging 10s. per cent on the next £10,000 and 4s. per cent on all further sums. Additionally, Table 2 in the Sixth Schedule is repealed and replaced with new fee structures for Official Receivers, depending on the amount realised or brought to credit (s. 3).
The obligations imposed by these Rules require trustees and Official Receivers to adhere to the updated fee structures when dealing with bankruptcy proceedings. Trustees must now charge the revised percentages on the sums realised, and Official Receivers must be compensated according to the new fee table. This includes ensuring that all fees charged are accurately calculated and documented to reflect the updated rates.
Failure to comply with the new fee structures could potentially lead to disputes or non-compliance issues. However, the Rules themselves do not explicitly state any specific offences, penalties, or consequences for non-compliance. Any resultant legal actions would likely be governed by the overarching Bankruptcy Act 1924-1933 and any related case law. It is essential for practitioners to ensure they are applying the correct fees as per these Rules to avoid any potential disputes or liabilities.