Document ID: chunk:federal_register_of_legislation:C2025C00167:section:116:p4
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 116 (pt 4/5)
Character Range: 312282–314943

creditors, or an order made by the Court, under paragraph (2)(b), (c) or (ca), property that is vested in the trustee ceases at a particular time to be property divisible among the creditors, then, immediately after that time:
 (a) the property revests in the bankrupt;
 (b) the trustee is discharged from the trustee's liabilities in respect of the property; and
 (c) the bankrupt becomes subject to those liabilities.
 (2C) Where:
 (a) property used by the bankrupt primarily as a means of transport is vested in the trustee; and
 (b) as at the time when the trustee realises that property:
 (i) no other property has remained vested in the bankrupt by virtue of paragraph (2)(ca); and
 (ii) no other property has, because of a determination by the creditors under paragraph (2)(ca), revested in the bankrupt by virtue of subsection (2B);
the trustee shall pay to the bankrupt so much of the proceeds of realising that property as, when added to the aggregate of the amounts (if any) that the trustee has previously paid to the bankrupt under this subsection, does not exceed the prescribed amount within the meaning of paragraph (2)(ca).
 (2D) In subsections (3) and (4):
exempt loan money, in relation to a particular time, means so much of the principal sum of a loan to the bankrupt, or to the bankrupt and another person or other persons, as was repaid, before that time, out of exempt money.
exempt money means money of any of the following kinds:
 (a) an amount to which subsection (1) does not extend because of subparagraph (2)(d)(ii) or (iv);
 (b) damages or compensation of a kind referred to in paragraph (2)(g);
 (c) amounts covered by paragraph (2)(k), (l), (m), (ma) or (mb).
outlay, in relation to property, in relation to a particular time, means all of the following:
 (a) the money paid for the purchase, or used in the acquisition, of the property;
 (b) the money paid before that time in respect of the extensions, alterations and improvements, if any, of the property constructed or made since that purchase or acquisition.
protected money, in relation to a particular time, means:
 (a) exempt money; or
 (b) exempt loan money in relation to that time.
 (2E) Nothing in this Act or the Legislation Act 2003 prevents regulations made for the purposes of paragraph (2)(k), (l), (m) or (ma) from applying to amounts paid before the regulations commence.
 (2F) Regulations made for the purposes of paragraph (2)(k), (l), (m) or (ma) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in an instrument or other writing as in force or existing from time to time.
 (3) Where, at any time, the