58AVesting of property upon bankruptcy—effect of orders in force under the proceeds of crime law

##### 58A Vesting of property upon bankruptcy—effect of orders in force under the proceeds of crime law If a restraining order or forfeiture order is in force (1) If property of a bankrupt is covered by a restraining order, or a forfeiture order, made before the date of the bankruptcy, subsection 58(1) does not apply to property that is covered by the order while that property is so covered. If a pecuniary penalty order is in force (2) If a pecuniary penalty order is made against a bankrupt before the date of the bankruptcy, subsection 58(1) does not apply to any of the property of the bankrupt while the order is in force. > Note: For proceeds of crime orders made on or after the date of the bankruptcy, and applications for proceeds of crime orders, see sections 114A to 114C. Notifying the trustee of grounds for subsection 58(1) to apply to property (3) If circumstances arise as a result of which this section no longer prevents subsection 58(1) applying to property of the bankrupt, the Director of Public Prosecutions must, as soon as practicable, give the trustee written notice of the existence of the circumstances. 10 Subsection 82(3) Omit “Subject to subsection (3A), penalties”, substitute “Penalties”. 11 Subsection 82(3A) Repeal the subsection, substitute: (3A) An amount payable under an order made under a proceeds of crime law is not provable in bankruptcy. 12 Application—existing proceeds of crime orders (1) The amendments of section 82 of the Bankruptcy Act 1966 made by this Schedule apply, in relation to any bankruptcy for which the date of bankruptcy is not before the commencement of this Schedule, to any orders made under a proceeds of crime law before or after that commencement. (2) In applying that section for the purposes of subsection 231(2) of that Act, in relation to any deed of assignment that was not executed before the commencement of this Schedule, that section as so amended applies to any orders made under a proceeds of crime law before or after that commencement. (3) In applying that section for the purposes of subsection 237(2) of that Act, in relation to any deed of arrangement that was not executed before the commencement of this Schedule, that section as so amended applies to any orders made under a proceeds of crime law before or after that commencement. (4) In applying that section for the purposes of subsection 243(1) of that Act, in relation to any composition that was not accepted before the commencement of this Schedule, that section as so amended applies to any orders made under a proceeds of crime law before or after that commencement. 13 Before section 108 Insert: