Bankruptcy Regulations 2021

For the purposes of subsections 188(2AA) and (2AB) of the Act, the following information is prescribed:

information about the consequences of entering into a personal insolvency agreement;

information about sources of financial advice and guidance to persons facing or contemplating entering into a personal insolvency agreement;

information about whether a personal insolvency agreement may be administered by a registered trustee or the Official Trustee;

a statement that it is an act of bankruptcy if any of the things mentioned in paragraphs 40(1)(i) to (m) of the Act happen in relation to a debtor;

information about the processes under Part X of the Act;

information about a debtor’s rights and responsibilities under Part X of the Act, including a debtor’s obligation to disclose all related entities;

information about a controlling trustee’s obligation to disclose the controlling trustee’s relationship (if any) with a debtor.

The information must be factual and objective.

A registered trustee or a solicitor authorised by a debtor, under subsection 188(1) of the Act, to take control of the debtor’s property must not consent to exercise the powers given by the authority unless the debtor has given the registered trustee or the solicitor, as the case may be, a signed acknowledgement that the debtor has received and read the prescribed information.

If the Official Trustee is authorised by a debtor, under subsection 188(1) of the Act, to take control of the debtor’s property, the Official Receiver must not give the debtor a written approval under paragraph 188(2)(aa) of the Act unless the debtor has given the Official Trustee a signed acknowledgement that the debtor has received and read the prescribed information.