Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) When an authority given by a debtor under section 188 becomes effective, the property of the debtor becomes subject to control under this Division.
(1A) The control continues until one of the following events happens:
(a) the creditors resolve at a meeting called under this Part that the property cease to be subject to control;
(b) the debtor and a trustee execute a personal insolvency agreement following a special resolution of creditors;
(d) 4 months pass since the authority under section 188 became effective;
(e) the Court, under section 208, releases the property from control;
(f) the debtor becomes a bankrupt;
(g) the debtor dies.
(1B) The trustee must notify the Official Receiver in writing within 7 days after the trustee becomes aware that the control has ended because of an event specified in subsection (1A).
(2) A debtor whose property is subject to control under this Division:
(a) shall not remove, dispose of or deal with any of his or her property except with the consent of the controlling trustee;
(b) shall furnish to the controlling trustee such information with respect to any of the debtor's examinable affairs as the controlling trustee requires; and
(c) shall comply with any direction given to him or her by the controlling trustee with respect to his or her property or affairs.
Penalty: Imprisonment for 12 months.
(3) A disposal of, or dealing with, property by a debtor in contravention of subsection (2) is not invalid by reason only of that contravention.