Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 138

  (1)   Where:

  (a)   the property of a bankrupt includes rights in respect of industrial property; and

  (b)   the bankrupt is liable to pay royalties or a share of profits to a person in respect of those rights;

the trustee is not entitled:

  (c)   to exercise those rights except upon condition that he or she pays to that person such sums by way of royalty or share of profits as would have been payable by the bankrupt; or

  (d)   without the consent of that person or of the Court, to assign or transfer, or grant any licence or permission in respect of, those rights, except upon terms that will secure to that person payments by way of royalty or share of profits at a rate not less than that at which the bankrupt was liable to pay.

  (2)   In this section:

"industrial property" means:

  (a)   the copyright in any work;

  (b)   a patent in respect of an invention;

  (c)   a registered trade mark; or

  (d)   the copyright in a registered design.

"registered design" means a design registered under a law of the Commonwealth relating to industrial designs.

"registered trade mark" means a trade mark registered under a law of the Commonwealth relating to trade marks.