Bankruptcy Regulations 2021

This section applies if:

a creditor lodges, or causes to be lodged, a proof of debt in a bankruptcy in accordance with section 84 of the Act; and

the debt is an amount of foreign currency.

The proof of debt must include the following:

a statement of:

the amount of foreign currency; and

the equivalent amount of Australian currency; and

the conversion calculation for the equivalent amount of Australian currency;

a statement to the effect that the conversion of the amount of foreign currency into the equivalent amount of Australian currency has been made in accordance with this section.

For the purposes of subparagraph (2)(a)(ii), the equivalent amount of Australian currency is the amount worked out using the rate of exchange for the foreign currency published by the Reserve Bank of Australia in relation to the day that is 2 business days before the date of the bankruptcy.

The Reserve Bank of Australia exchange rates could in 2021 be viewed on the Reserve Bank of Australia’s website (http://www.rba.gov.au).