Commonwealth legislation

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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What it does: This Determination sets the rate of the estate charge that trustees in bankruptcy must pay to the Commonwealth. It fixes the charge at 6% of the money received or held for a bankrupt estate.

Who it affects:

Trustees in bankruptcy (the people or companies managing bankrupt estates) who must pay this charge to the government
Creditors of bankrupt individuals, because this charge is deducted from the estate before they get paid
Bankrupt individuals, indirectly, as it reduces the funds available to settle their debts

Why it matters: When someone becomes bankrupt, their assets are controlled by a trustee. The trustee must pay a percentage of all money coming into the estate to the Commonwealth as an administrative charge. This instrument sets that cut at 6 cents for every dollar, directly impacting how much money ultimately flows back to creditors.

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Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006

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Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006

Bankruptcy (Estate Charges) Act 1997

I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this Determination under subsection 7 (2) of the Bankruptcy (Estate Charges) Act 1997.

Dated 26 June 2006

PHILLIP RUDDOCK

Attorney‑General

1 Name of Determination

This Determination is the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006.

2 Commencement

This Determination commences on 1 July 2006.

3 Definition

In this Determination:

Act means the Bankruptcy (Estate Charges) Act 1997.

4 Amount of charge payable

For subsection 7 (1) of the Act, the determined percentage is 6%.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006

Bankruptcy (Estate Charges) Act 1997

I, PHILIP MAXWELL RUDDOCK, Attorney‑General, make this Determination under subsection 7 (2) of the Bankruptcy (Estate Charges) Act 1997.

Dated 26 June 2006

PHILLIP RUDDOCK

Attorney‑General

1 Name of Determination

This Determination is the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2006.

2 Commencement

This Determination commences on 1 July 2006.

3 Definition

In this Determination:

Act means the Bankruptcy (Estate Charges) Act 1997.

4 Amount of charge payable

For subsection 7 (1) of the Act, the determined percentage is 6%.