Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 43

  (1)   Subject to this Act, where:

  (a)   a debtor has committed an act of bankruptcy; and

  (b)   at the time when the act of bankruptcy was committed, the debtor:

  (i)   was personally present or ordinarily resident in Australia;

  (ii)   had a dwelling - house or place of business in Australia;

  (iii)   was carrying on business in Australia, either personally or by means of an agent or manager; or

  (iv)   was a member of a firm or partnership carrying on business in Australia by means of a partner or partners or of an agent or manager;

the Court may, on a petition presented by a creditor, make a sequestration order against the estate of the debtor.

  (2)   Upon the making of a sequestration order against the estate of a debtor, the debtor becomes a bankrupt, and continues to be a bankrupt until:

  (a)   he or she is discharged by force of subsection   149(1); or

  (b)   his or her bankruptcy is annulled by force of subsection   74(1) or 153A(1) or under section   153B.