127Debtor’s petition

127 Debtor’s petition

(1) Section 55 of the Principal Act is amended: (a) by omitting from subsection (3) “Where” and substituting “Subject to subsection (4A), where”; (b) by inserting in subsection (4) “but subject to subsection (4A)”, after “Registrar,”; (c) by inserting after subsection (4) the following subsection: (4A) The Registrar shall not, under subsection (3), accept a petition presented to him under this section, being a petition other than a petition in relation to which a direction under subsection (4) is in force, and the Court shall not, under subsection (4), direct the Registrar to accept such a petition, unless: (a) a registered trustee has, under subsection 156A(1), consented to act as the trustee of the estate of the debtor; or (b) if paragraph (a) does not apply: (i) it appears to the Registrar, or to the Court, as the case may be, that the value of the property of the debtor that would be divisible amongst his creditors by virtue of section 116 if the petition were to be accepted (but not including any property acquired by or devolving on him after the acceptance of the petition that would be so divisible) is less than $10,000, or, if another amount is for the time being prescribed for the purposes of this subparagraph, that other amount; or (ii) the debtor satisfies the Registrar, or the Court, as the case may be, that he has, in all the circumstances of the case, taken all reasonable steps to obtain from registered trustees a consent under subsection 156A(1) in respect of his estate but has been unable to obtain any such consent.; and (d) by omitting from subsection (5) “Official Receiver” (wherever occurring) and substituting “trustee”. (2) Notwithstanding the amendments of section 55 of the Principal Act made by subsection (1) of this section, the provisions of that section of the Principal Act continue to apply, after the commencement of this section, in relation to a petition presented under that section of the Principal Act before the commencement of this section as if those amendments had not been made.