Document ID: chunk:federal_register_of_legislation:C2025C00167:section:139zie
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 139ZIE
Character Range: 460253–462652

139ZIE  Bankrupt must open and maintain supervised account

Supervised account notice
 (1) For the purposes of this Subdivision, a supervised account notice is a written notice that is issued by the trustee of a bankrupt's estate and that:
 (a) requires the bankrupt, within:
 (i) 10 business days after the notice is given to the bankrupt; or
 (ii) such longer period (if any) as is specified in the notice;
  to open an account (a supervised account) that complies with the following requirements:
 (iii) the account is kept with an ADI;
 (iv) the account is kept in Australia;
 (v) the account is denominated in Australian currency;
 (vi) the account is held solely in the name of the bankrupt;
 (vii) deposits may be made to, and withdrawals may be made from, the account;
 (viii) the account is designed not to have a debit balance;
 (ix) such other requirements (if any) as are specified in the notice; and
 (b) requires the bankrupt to inform the ADI, when opening the account, that the account is a supervised account; and
 (c) requires the bankrupt, after the account is opened, to maintain the account for so long as the notice is in force.
 (2) A supervised account notice must be in the approved form.

Compliance with supervised account notice
 (3) A bankrupt to whom the supervised account regime applies must comply with a supervised account notice in force in relation to the bankrupt.

When supervised account notice ceases to be in force
 (4) A supervised account notice relating to a bankrupt ceases to be in force if the bankrupt ceases to be a bankrupt to whom the supervised account regime applies.
Note: A supervised account notice may be revoked under subsection 139ZIEA(1).

Trustee to be notified of account details
 (5) A bankrupt to whom the supervised account regime applies must, within 2 business days after opening a supervised account, give a written notice to the trustee setting out the following information about the supervised account:
 (a) the name of the ADI concerned;
 (b) the name in which the account is held;
 (c) the account number;
 (d) the BSB number concerned.

Offence
 (6) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (3) or (5); and
 (b) the person engages in conduct; and
 (c) the person's conduct breaches the requirement.
Penalty for contravention of this subsection: Imprisonment for 6 months.