Commonwealth legislation

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2010

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This Act has been repealed and is no longer in force. It is retained for historical reference.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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This determination sets the rate of charge payable on bankruptcy estates at 4% of the money recovered (realized) by trustees.

Under the Bankruptcy (Estate Charges) Act 1997, trustees must pay a government charge calculated as a percentage of funds they recover from selling assets or collecting debts in a bankruptcy. This instrument fixes that percentage at 4%.

Who it affects:

Trustees in bankruptcy — who must calculate and remit the 4% charge on realized amounts from estates they administer
Creditors of bankrupt estates — because the charge is deducted from available funds before distributions are made

The instrument repeals the previous 2007 determination to maintain the statutory funding mechanism for bankruptcy regulation.

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Current sections

Direct links to the current provisions in Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2010.

Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2010

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Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 20101

Bankruptcy (Estate Charges) Act 1997

I, ROBERT McCLELLAND, Attorney-General, make this Determination under subsection 7 (2) of the Bankruptcy (Estate Charges) Act 1997.

Dated 17 June 2010

ROBERT McCLELLAND

Attorney-General

1 Name of Determination

This Determination is the Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2010.

2 Commencement

This Determination commences on 1 July 2010.

3 Repeal

The Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2007 is repealed.

4 Definition

In this Determination:

Act means the Bankruptcy (Estate Charges) Act 1997.

5 Amount of charge payable

For subsection 7 (1) of the Act, the determined percentage is 4%.

Note

Note: 1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

Source text

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

1 Bankruptcy (Estate Charges) (Amount of Charge Payable) Determination 2010