Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 54F

  (1)   Where, during the stay period in relation to a declaration of intention presented by a debtor, a copy of the declaration signed by the Official Receiver who accepted it is produced to a sheriff, subsections   (2) and (3) have effect throughout the remainder of that period.

  (2)   The sheriff shall refrain from taking action, or further action, to execute, or to sell property under, enforcement process issued in respect of a frozen debt owed by the debtor.

  (3)   The sheriff shall refrain from paying to a person proceeds of enforcement process issued in respect of a frozen debt owed by the debtor.

  (4)   A contravention of this section does not affect a person's title to property that was purchased in good faith under a sale under enforcement process issued in respect of a debt.

  (5)   Where:

  (a)   under this section, a sheriff refrains from taking action, or further action, to sell real property under enforcement process issued in respect of a debt;

  (b)   the debtor becomes a bankrupt; and

  (c)   the property vests in the trustee of the bankrupt's estate;

the costs of executing the enforcement process are a first charge on the property.