Summary
Amends the:
Bankruptcy Act 1966
and
Family Law Act 1975
to clarify the interaction between family law and bankruptcy, particularly in relation to the rights of the non-bankrupt spouse and the interests of creditors; and
Bankruptcy Act 1966
to: establish a supervised account regime for the collection by a bankruptcy trustee of a bankrupt’s assessed income contributions; and prevent the use of financial and maintenance agreements to defeat the claims of creditors.