Commonwealth Functions (Statutes Review) Act 1981

Section 157 of the Principal Act is amended:

by omitting subsection (1) and (2) and substituting the following subsections:

Where a debtor becomes a bankrupt, the creditors may, if the Official Trustee is the trustee of the estate of the bankrupt, by resolution, at the first or a subsequent meeting of creditors, appoint a registered trustee to the office of trustee of the estate of the bankrupt in place of the Official Trustee.

The person (in this section referred to as the relevant trustee) who is the trustee of the estate of a bankrupt at the time of an appointment, under subsection (1), of a registered trustee as the trustee, or as one of the trustees, of the estate shall, as early as practicable, notify the registered trustee, in writing, that he has been so appointed.;

by omitting from subsection (3) “so appointed” and substituting “appointed under subsection (1)”;

by omitting from subsections (3) and (5) “Official Receiver” (wherever occurring) and substituting “relevant trustee”;

by omitting from subsection (5) “as trustee by the creditors” and substituting “under subsection (1)”; and

by omitting from subsection (5) “another person” and substituting “, under subsection (1), another registered trustee”.

Notwithstanding the amendments of section 157 of the Principal Act made by subsection (1) of this section, where, before the commencement of this section:

a person has been appointed under subsection 157(1) of the Principal Act but the appointment has not taken effect (otherwise than by reason of subsection 157(5) of the Principal Act); or

an objection to an appointment under subsection 157(1) of the Principal Act has been filed under subsection 157(6) of the Principal Act but the objection has not been disposed of;