Certificate relating to realisation of divisible property and non‑availability of dividend
70 Certificate relating to realisation of divisible property and non‑availability of dividend
Certificate to be given to debtor
If the trustee of a personal insolvency agreement in relation to a debtor is satisfied that:
the divisible property of the debtor has, so far as practicable, been realised; and
no dividend is payable to the creditors;
the trustee must give the debtor a certificate signed by the trustee to that effect.
The trustee must give the certificate to the debtor within 5 business days after becoming so satisfied.
In any proceeding, a certificate signed by the trustee under subsection (1):
is prima facie evidence of the matters stated in it; and
may be tendered in evidence without further proof.
Copy of certificate to be given to Official Receiver
If the trustee gives a certificate to the debtor under subsection 232(1) of the Act or subsection (1) of this section, the trustee must:
give a copy of the certificate to the Official Receiver; and
do so within 5 business days after giving the certificate.
Official Trustee not required to give copy
However, subsection (4) does not apply if the trustee is the Official Trustee.
Offence
A person commits an offence if:
the person is required to give a copy of a certificate to the Official Receiver in accordance with subsection (4); and
the person fails to comply with the requirement.
Penalty: 1 penalty unit.
An offence against subsection (6) is an offence of strict liability.
This Act’s bill:Explanatory statement
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