Document ID: chunk:federal_register_of_legislation:C2025C00096:section:45a
Version: federal_register_of_legislation:C2025C00096
Segment Type: section
Provision Reference: s 45A
Character Range: 151539–152562

45A  Bankruptcy of purchaser or borrower
 (1) Except with the approval of the Secretary, the estate or interest of a purchaser or borrower in any land, land and dwelling‑house or right of residence in a retirement village, that is the subject of a contract of sale, or of a mortgage or other security securing a Corporation advance or a subsidised advance:
 (a) shall not be taken from the purchaser or borrower under the Bankruptcy Act 1966; and
 (b) shall not be sold in satisfaction of a judgment debt, otherwise than by a credit provider or another mortgagee in the exercise of powers under a contract of sale, or a mortgage or other security.
 (2) Where 2 persons who are spouses or de facto partners of each other are joint purchasers or borrowers in relation to land, land and a dwelling‑house or a right of residence in a retirement village, the Secretary may give an approval under subsection (1) in relation to the estate or interest of both of them if either of them becomes bankrupt or incurs a judgment debt.