Duties of person entitled to deduct money owing to declared debtor
54H Duties of person entitled to deduct money owing to declared debtor
Where, during the stay period in relation to a declaration of intention presented by a debtor, a copy of the declaration signed by the Official Receiver who accepted it is produced to a person who is entitled under a law of the Commonwealth, of a State or of a Territory:
to retain or deduct money from money payable or owing, or to become payable or owing, to the debtor; and
to apply the retained or deducted money toward discharging a frozen debt owed by the debtor to any person;
subsections (2) and (3) apply.
The person shall, throughout the remainder of that period:
refrain from so retaining or deducting money; and
refrain from paying to a person (other than the debtor), or otherwise applying, money that was so retained or deducted before the signed copy was produced to the person.
Nothing in this section affects a person’s liability to pay money to the debtor.
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