Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 134

  (1)   Subject to this Act, the trustee may do all or any of the following things:

  (a)   sell all or any part of the property of the bankrupt;

  (aa)   accept, without terms or conditions, or subject to terms and conditions, a sum of money payable at a future time as the consideration or part of the consideration for the sale of any property of the bankrupt;

  (ab)   lease any property of the bankrupt;

  (ac)   divide among the creditors, in its existing form and according to its estimated value, property that, by reason of its peculiar nature or other special circumstances, cannot readily or advantageously be sold;

  (b)   carry on a business of the bankrupt so far as may be necessary to dispose of it or wind it up for the benefit of creditors;

  (c)   postpone the winding - up of the estate;

  (d)   prove in respect of any debt due to the bankrupt;

  (da)   mortgage or charge any of the property of the bankrupt for the purpose of raising money for the payment of the debts provable in the bankruptcy;

  (e)   compromise any debt claimed to be due to the bankrupt or any claim by the bankrupt;

  (f)   make a compromise with a creditor or a person claiming to be a creditor in respect of a debt provable, or claimed to be provable, in the bankruptcy;

  (g)   make a compromise in respect of any claim arising out of the administration of the estate of the bankrupt, whether the claim is made by or against the trustee;

  (h)   deal with property to which the bankrupt is beneficially entitled as tenant in tail in the same manner as the bankrupt could deal with it if he or she were not a bankrupt;

  (i)   obtain such advice or assistance as he or she considers desirable relating to the administration of the estate or to the conduct or affairs of the bankrupt;

  (ia)   refer any dispute to arbitration;

  (j)   bring, institute or defend any action or other legal proceeding relating to the administration of the estate;

  (k)   execute powers of attorney, deeds or other instruments for the purpose of carrying the provisions of this Act into effect; and

  (m)   employ the bankrupt:

  (i)   to superintend the management of the whole, or a part, of the property of the bankrupt;

  (ii)   to carry on the bankrupt's trade or business for the benefit of the bankrupt's creditors; or

  (iii)   to assist in any other way in administering the property of the bankrupt;

    and, in consideration of the bankrupt's services, make such allowance to the bankrupt out of the estate as the trustee considers reasonable;

  (ma)   make such allowance out of the estate as he or she thinks just to the bankrupt, the spouse or   de   facto   partner of the bankrupt or the family of the bankrupt;

Note:   See also subsection   5(6).

  (n)   superintend the management of the whole, or a part, of the property of the bankrupt;

  (o)   administer the property of the bankrupt in any other way.

  (1A)   An allowance made to the bankrupt in pursuance of paragraph   (1)(m) may be reduced by the Court upon the application of an interested person.

  (3)   Subject to this Act, the trustee may use his or her own discretion in the administration of the estate.