Bankrupt’s monetary income to be deposited to supervised account
139ZIF Bankrupt’s monetary income to be deposited to supervised account
A bankrupt to whom the supervised account regime applies must ensure that all monetary income actually received by the bankrupt after the opening of the supervised account is deposited to the account:
if the income is received in the form of cash or cheque—within 5 business days of its receipt; or
in any other case—upon its receipt.
Cash refunds
For the purposes of subsection (1), if:
the bankrupt receives an amount of income in the form of cash; and
before the paragraph (a) amount is deposited to the supervised account, the bankrupt uses a part of that amount to make a refund;
the amount that the bankrupt must deposit to the supervised account is the paragraph (a) amount reduced by the part used as mentioned in paragraph (b).
For the purposes of subsection (1), if:
the bankrupt receives an amount of income in the form of cash; and
before the paragraph (a) amount is deposited to the supervised account, the bankrupt uses the whole of that amount to make a refund;
the bankrupt is taken not to have received the paragraph (a) amount.
Offence
A person commits an offence if:
the person is subject to a requirement under subsection (1); and
the person engages in conduct; and
the person’s conduct breaches the requirement.
Penalty for contravention of this subsection: Imprisonment for 12 months.
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