Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The trustee of a bankrupt's estate may, by written notice given to the bankrupt, determine that the supervised account regime applies to the bankrupt.
(2) The trustee must not make a determination under subsection (1) in relation to the bankrupt unless, at the time the determination is made:
(a) the bankrupt is liable to pay a contribution; and
(b) either:
(i) if the trustee has made a determination under section 139ZG permitting the contribution to be paid by instalments--the bankrupt has not paid the whole of an instalment at or before the time when it became payable; or
(ii) if the trustee has made a determination under section 139ZG requiring the bankrupt to pay the contribution at a specified time--the bankrupt has not paid the whole of the contribution at or before the time when it became payable.
(3) A notice under subsection (1) must be in the approved form.
(4) A notice under subsection (1) must be accompanied by:
(a) a supervised account notice relating to the bankrupt concerned; and
(b) a statement setting out:
(i) the effect of sections 139ZIE to 139ZIT; and
(ii) such other information (if any) as is specified in the regulations.