Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 280

  (1)   A person may defer the payment of an amount of interest charge relating to a particular trustee account if:

  (a)   the total amount of interest charge that the person is liable to pay in respect of the account is less than $50; and

  (b)   the account has not been closed; and

  (c)   the person has notified the Inspector - General as provided for in subsection   (3).

  (2)   A person may defer the payment of an amount of realisations charge relating to a particular bankrupt's estate, deceased person's estate or debtor's property, as the case may be, if:

  (a)   the total amount of realisations charge that the person is liable to pay in respect of the estate or property is less than $50; and

  (b)   the trustee account in relation to the estate or property has not been closed; and

  (c)   the person has notified the Inspector - General as provided for in subsection   (3).

  (3)   If a person intends to defer paying an amount of interest charge or realisations charge, he or she must notify the Inspector - General in writing of that fact before the time by which the amount is otherwise required to be paid.

  (4)   If a person defers payment of an amount of interest charge or realisations charge in accordance with this section, the amount is still payable to the Commonwealth, but the person does not have to pay it until 21 days after whichever of the following happens first:

  (a)   at the end of a charge period:

  (i)   if the deferral is of interest charge--the total amount of interest charge that the person is liable to pay in respect of the relevant trustee account is $50 or more; or

  (ii)   if the deferral is of realisations charge--the total amount of realisations charge that the person is liable to pay in respect of the relevant estate or property is $50 or more;

  (b)   the relevant trustee account is closed.

Note:   As a deferred amount is still payable to the Commonwealth, it must be taken into account in working out the total amounts referred to in paragraphs   (1)(a), (2)(a) and (4)(a).

  (5)   In this section:

"trustee account" means an account referred to in section   65 - 5 of Schedule   2.