Bankruptcy Act 1966

For the purposes of this Subdivision, a supervised account notice is a written notice that is issued by the trustee of a bankrupt’s estate and that:

requires the bankrupt, within:

10 business days after the notice is given to the bankrupt; or

such longer period (if any) as is specified in the notice;

the account is kept with an ADI;

the account is kept in Australia;

the account is denominated in Australian currency;

the account is held solely in the name of the bankrupt;

deposits may be made to, and withdrawals may be made from, the account;

the account is designed not to have a debit balance;

such other requirements (if any) as are specified in the notice; and

requires the bankrupt to inform the ADI, when opening the account, that the account is a supervised account; and

requires the bankrupt, after the account is opened, to maintain the account for so long as the notice is in force.

A supervised account notice must be in the approved form.

A bankrupt to whom the supervised account regime applies must comply with a supervised account notice in force in relation to the bankrupt.

A supervised account notice relating to a bankrupt ceases to be in force if the bankrupt ceases to be a bankrupt to whom the supervised account regime applies.

A supervised account notice may be revoked under subsection 139ZIEA(1).

A bankrupt to whom the supervised account regime applies must, within 2 business days after opening a supervised account, give a written notice to the trustee setting out the following information about the supervised account:

the name of the ADI concerned;

the name in which the account is held;

the account number;

the BSB number concerned.

A person commits an offence if:

the person is subject to a requirement under subsection (3) or (5); and

the person engages in conduct; and

the person’s conduct breaches the requirement.