Insolvency Amendment Act 2001

1: Title
1: This Act is the Insolvency Amendment Act 2001.
2: In this Act, the Insolvency Act 1967 the principal Act
2: Commencement
This Act comes into force on the day after the date on which it receives the Royal assent.
3: New
sections 45 to 45B The principal Act is amended by repealing section 45
45: Assignee may require bankrupt to contribute towards payment of debts
1: A bankrupt must pay any amount, or make periodic payments, to the Assignee as required by the Assignee during the bankruptcy.
2: The Assignee may impose conditions in respect of those payments.
3: Before the Assignee may require the bankrupt to make those payments, the Assignee must—
a: have regard to all the circumstances of the bankruptcy and the bankrupt's conduct, earning power, responsibilities, and prospects; and
b: make reasonable allowance for the maintenance of the bankrupt, the bankrupt's spouse, and the bankrupt's family.
4: The Court may, on the application of the bankrupt or any creditor,—
a: vary, suspend, or cancel the bankrupt's obligation to make the payments under this section:
b: remit any arrears owing by the bankrupt.
45A: Court may order that money due to bankrupt be assigned to Assignee
1: The Court may, on the application of the Assignee, make an order assigning or charging to or in favour of the Assignee any money due to the bankrupt or to become due or payable to the bankrupt.
2: That assignment or charge operates as a discharge to the person who pays the Assignee.
45B: Application of
section 104 The Assignee must apply the following payments in accordance with section 104
a: any amount paid by the bankrupt under section 45
b: any amount paid to the Assignee under an order made under section 45A
4: New
section 62 The principal Act is amended by repealing section 62
62: Prohibition of bankrupt entering business
1: An undischarged bankrupt must not, without the consent of the Assignee or the Court either directly or indirectly,—
a: enter into, carry on, or take part in the management or control of, any business:
b: be employed by a relative of the bankrupt or by any company, trust, trustee, or incorporated society, that is managed or controlled by a relative of the bankrupt.
2: Nothing in this section restricts section 151 of the Companies Act 1993
5: Court may order debtor to be arrested
Section 63(1) residence either temporarily or permanently
6: Court may order debtor's property to be seized
Section 64(1)(b) residence either temporarily or permanently
7: New
section 68A The principal Act is amended by inserting, after section 68
68A: Assignee may obtain documents
The Assignee may, by notice in writing, require the bankrupt, the bankrupt's spouse, or any other person to deliver to the Assignee any book, paper, or document relating to the dealings or property of the bankrupt in that person's possession or under that person's control as the Assignee requires.
8: Crimes by bankrupt
Section 126(1)(k) New Zealand either temporarily or permanently
9: Summary offences
1: Section 128
a: by omitting from subsection (1) 3 months 12 months
b: by inserting in subsection (1)(f) New Zealand either temporarily or permanently
2: Section 128 subsections (2) (3)
2: Despite anything in section 14 of the Summary Proceedings Act 1957 paragraphs (a) to (g) of subsection (1)
10: Offences by undischarged bankrupts in relation to management of companies
Section 128A(1)
a: by omitting the expression 6 months 12 months
b: by omitting the expression $1,000 $5,000