Document ID: chunk:federal_register_of_legislation:C2005A00020:clause:2_139zic
Version: federal_register_of_legislation:C2005A00020
Segment Type: clause
Provision Reference: sch 2 cl 139ZIC
Character Range: 35662–36931

139ZIC  Trustee may determine that the supervised account regime applies to the bankrupt

 (1) The trustee of a bankrupt's estate may, by written notice given to the bankrupt, determine that the supervised account regime applies to the bankrupt.

 (2) The trustee must not make a determination under subsection (1) in relation to the bankrupt unless, at the time the determination is made:
 (a) the bankrupt is liable to pay a contribution; and
 (b) either:
 (i) if the trustee has made a determination under section 139ZG permitting the contribution to be paid by instalments—the bankrupt has not paid the whole of an instalment at or before the time when it became payable; or
 (ii) if the trustee has made a determination under section 139ZG requiring the bankrupt to pay the contribution at a specified time—the bankrupt has not paid the whole of the contribution at or before the time when it became payable.

 (3) A notice under subsection (1) must be in the approved form.

 (4) A notice under subsection (1) must be accompanied by:
 (a) a supervised account notice relating to the bankrupt concerned; and
 (b) a statement setting out:
 (i) the effect of sections 139ZIE to 139ZIT; and
 (ii) such other information (if any) as is specified in the regulations.