75‑170 Joint administrations75‑170 Joint administrations

75‑170 Joint administrations

(1) At a meeting of the creditors in relation to the following kinds of administration, the trustee must explain to the persons participating and entitled to vote at a meeting and their representatives the likely effect of section 110 of the Act with respect to the distribution of dividends: (a) a bankruptcy that occurs as the result of a sequestration order made under section 52 of the Act, being an order made on a petition presented under section 46 of the Act; (b) a bankruptcy that occurs by force of section 56E or 57 of the Act; (c) bankruptcies in respect of which an order under section 53 of the Act has been made; (d) bankruptcies that occur under section 55 of the Act if: (i) the date of each bankruptcy is the same; and (ii) immediately before the bankruptcies occurred, the bankrupts were joint debtors or partners who owned property jointly; (e) the situation arising out of the signing, by joint debtors for the purposes of section 188 of the Act, of a joint authority or separate authorities for the administration of their joint estate. (2) At a meeting of the creditors in a bankruptcy to which section 141 of the Act applies, the trustee must explain to the persons participating and entitled to vote at the meeting the likely effect of that section with respect to the distribution of dividends. (3) This section applies in relation to a personal insolvency agreement only if: (a) a joint estate forms part of the property that is to be dealt with under the agreement; and (b) the agreement does not specifically provide for distribution of the joint estate.