Bills Digest 44 1996-97
Bankruptcy (Registration Charges) Bill 1996
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
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).
To impose registration charges for trustees registered under the Bankruptcy
Act 1966.
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.
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).
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
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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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