Part does not apply to bankruptcy or insolvency of member or dependant

Current

(1)

This Part does not apply to a liability of a member or his or her dependant to make a payment under a financial arrangement if, while liable to make the payment, the member or dependant:

(a)

becomes bankrupt; or

(b)

applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or

(c)

compounds with his or her creditors; or

(d)

makes an assignment of his or her remuneration for the benefit of his or her creditors; or

(e)

dies and his or her estate is being administered in bankruptcy or insolvency.

(2)

For the purposes of subsection (1), it does not matter whether the bankruptcy, insolvency, assignment or death happened before or after the commencement of this Act.

This Act’s bill:Explanatory memorandum Second reading speech

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45 Part does not apply to bankruptcy or insolvency of member or dependant