59Second or subsequent bankruptcy

59  Second or subsequent bankruptcy

 (1) Where a person who is a bankrupt again becomes a bankrupt:

 (a) the property of the bankrupt:

 (i) that was acquired by, or devolved on, the bankrupt on or after the date of the earlier bankruptcy; and

 (ii) that had not been distributed amongst the creditors in the earlier bankruptcy before the date on which the person became a bankrupt on the later occasion;

  shall (subject to any disposition of that property made by the trustee in the earlier bankruptcy without knowledge of the presentation of the petition on, or by virtue of the presentation of which, the person became bankrupt on the later occasion and subject also to section 126) vest forthwith in the trustee in the later bankruptcy;

 (b) property:

 (i) that is acquired by, or devolves on, the bankrupt on or after the date of the later bankruptcy; and

 (ii) that is divisible amongst the creditors in the later bankruptcy;

  vests in the trustee in the later bankruptcy as soon as it is acquired by, or devolves on, the bankrupt;

 (c) the trustee in the earlier bankruptcy:

 (i) shall be deemed to be a creditor in the later bankruptcy in respect of any unsatisfied balance of his or her expenses or remuneration in the earlier bankruptcy, the liabilities incurred by him or her in administering the estate in the earlier bankruptcy and the debts proved in the earlier bankruptcy (whether or not those debts are entitled to priority, or are postponed, in the earlier bankruptcy);

 (ii) shall rank equally with the ordinary unsecured creditors in the later bankruptcy; and

 (iii) may, where he or she has lodged a proof of debt in the later bankruptcy, amend that proof of debt, without the consent of the trustee in the later bankruptcy, for the purpose of adding:

 (A) his or her expenses in the earlier bankruptcy that have, or his or her remuneration in the earlier bankruptcy that has, accrued after the proof of debt was lodged;

 (B) liabilities incurred by him or her in administering the estate in the earlier bankruptcy after the proof of debt was lodged; or

 (C) debts proved in the earlier bankruptcy after the proof of debt was lodged;

  or, with the consent of the trustee in the later bankruptcy, for any other purpose;

 (d) a charge or charging order that, by virtue of subsection 118(9), is void as against the trustee in the earlier bankruptcy continues to 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.