Bills Digest 44 1996-97 Bankruptcy (Registration Charges) Bill 1996


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WARNING:
This Digest is prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments.

This Digest was available from 18 October 1996.

CONTENTS

Passage History

Bankruptcy (Registration Charges) Bill 1996

Date Introduced: 9 October 1996
House: Representatives
Portfolio: Attorney-General
Commencement: On commencement of the related Bankruptcy (Estate Charges)
Act 1996
(being by Proclamation of that Act, or 6 months after receiving the Royal Assent, whichever date comes first).

Purpose

To impose registration charges for trustees registered under the Bankruptcy Act 1966.

Background

This Bill is one of a package of 3 Bills which follow a separate major Bill passed by the Parliament on 10 October 1996 dealing with reform in the administration of bankruptcy in Australia.

On 26 June 1996, the Bankruptcy Legislation Amendment Bill 1996 was introduced into the House of Representatives. The Bill passed both Houses on 10 October 1996. The Bankruptcy Legislation Amendment Bill 1996 is a significant piece of legislation which includes major changes to the administration of bankruptcy, in that a number of functions now performed by the Federal Court will become the responsibility of the Insolvency and Trustee Service Australia (ITSA). ITSA is a Division of the Attorney-General's Department and the aim of the major changes is to create a One Stop Shop thus streamlining procedures and offering convenience for those who have need of the bankruptcy process.

This current package of Bills comprises:

  • Bankruptcy Amendment Bill 1996
  • Bankruptcy (Estate Charges) Bill 1996
  • Bankruptcy (Registration Charges) Bill 1996 (this Bill)

At present, registration charges for trustees are levied under the Bankruptcy Rules. With the expected introduction of the major reforms in the administration of bankruptcy, these registration fees will now be levied under this Bill and by Regulations made under the Bankruptcy Act 1966.

The registration of a trustee may be subject to conditions (eg. such as a bond) and may be extended. Registration is valid for a period of 3 years. A trustee in bankruptcy is invariably an accountant.

Main Provisions

Clause 4 imposes a fee of $1,500 as a charge payable to the Commonwealth for an application by a person for registration as a trustee (an application fee).

Clause 5 imposes a fee of $1,000 as a charge payable to the Commonwealth for registration as a trustee (a registration fee).

[Digest Comment: The combination of Clauses 4 and 5 means that a first time applicant pays a total of $2,500 for registration.]

Clause 6 imposes a fee of $1,000 as a charge payable to the Commonwealth for extension of registration as a trustee (extension of registration fee).

Clause 7 imposes a fee of $500 as a charge payable to the Commonwealth for variation to the conditions attaching to the registration of a trustee (variation of conditions fee).

Contact Officer and Copyright Details

Brendan Bailey Ph. 06 277 2434
17 October 1996
Bills Digest Service
Parliamentary Research Service

This Digest does not have any official legal status. Other sources should be consulted to determine whether the Bill has been enacted and, if so, whether the subsequent Act reflects further amendments.

PRS staff are available to discuss the paper's contents with Senators and Members and their staff but not with members of the public.

ISSN 1323-9031
© Commonwealth of Australia 1996

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1996.

This page was prepared by the Parliamentary Library, Commonwealth of Australia
Last updated: 18 October 1996

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