Document ID: chunk:federal_register_of_legislation:C2025C00167:section:59:p2
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 59 (pt 2/2)
Character Range: 220934–223171

be void as against that trustee; and
 (e) a transaction that, by virtue of section 120, 121, 122, 128B or 128C, is void as against the trustee in the earlier bankruptcy continues to be void as against that trustee.
 (2) Where the trustee of the estate of a bankrupt receives notice of the presentation of a creditor's petition against the bankrupt, the trustee shall hold the after‑acquired property of the bankrupt that is then in the possession of the trustee, or the proceeds thereof, until the petition has been dealt with by the Court or has lapsed.
 (3) Where the trustee of the estate of a bankrupt receives notice that a debtor's petition against the bankrupt has been referred to the Court, the trustee shall hold the after‑acquired property of the bankrupt that is then in the possession of the trustee, or the proceeds thereof, until the Court has dealt with the petition.
 (4) Where the trustee of the estate of a bankrupt is holding after‑acquired property of the bankrupt, or the proceeds of any such property, in pursuance of subsection (2) or (3) and the bankrupt again becomes a bankrupt, the trustee shall:
 (a) in a case where the trustee is also the trustee in the later bankruptcy—hold all such property, and the proceeds of such property, as the trustee in the later bankruptcy; or
 (b) in any other case—deliver all such property, and pay the proceeds of such property, to the trustee in the later bankruptcy.
 (5) Where a law of the Commonwealth or of a State or Territory requires the transmission of property to be registered, and enables the trustee of the estate of a bankrupt to be registered as the owner of any such property that is part of the property of the bankrupt, that property, notwithstanding that it vests in equity in the trustee by virtue of subsection (1), does not vest in the trustee at law until the requirements of that law have been complied with.
 (6) In subsections (2), (3) and (4), after‑acquired property, in relation to a bankrupt, means such of the property that was acquired by, or devolved on, the bankrupt on or after the date of the bankruptcy, being property divisible amongst the creditors of the bankrupt, as has not been distributed amongst the creditors in the bankruptcy.