Bankruptcy Act. Australia

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      (2) Investments made from moneys in the Common Fund shall not be made, and shall not be deemed for any purpose to be made, on account of any particular estate or fund.

      (3) Any capital appreciation or depreciation in the value of investments made from moneys in the Common Fund shall not increase or decrease the amount payable under this Act in respect of any estate or fund.

      (4) The making of a capital profit or capital loss on the realization of investments made from moneys in the Common Fund shall not increase or decrease the amount payable under this Act in respect of any estate or fund.

      (5) Interest derived from the investment of moneys in the Common Fund shall not increase the amount payable under this Act in respect of any estate or fund.

      (6) The Official Trustee shall cause accounts to be kept showing the amount in the Common Fund from time to time standing to the credit of each estate or fund in respect of which moneys have been paid into the Common Fund.

      (7) Moneys received or held by the Official Trustee as trustee of any estate or fund do not cease to be moneys in hand for the purposes of this Act by reason only that those moneys have been paid into or become part of the Common Fund.

      (8) In this section:

      estate means the estate of a bankrupt or of a deceased debtor.

      fund means a fund of moneys referred to in paragraph 20J(1) (b).

      20G Common Investment Fund Equalization Account

      (1) There is continued in existence the Common Investment Fund Equalization Account.

      Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.

      (2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.

      20H Credits to and debits from the Equalization Account

      (1) Interest derived from the investment of money in the Common Fund must be paid to the Commonwealth.

      (2) An amount equal to the amount of any capital profit made upon the realization of an investment made from money in the Common Fund must be paid out of the Common Fund to the Commonwealth.

      (3) Whenever a payment is made to the Commonwealth under subsection (1) or (2), an equal amount must be credited to the Equalization Account.

      (4) An amount equal to:

      (a) the amount of any capital loss incurred upon the realization of an investment made from money in the Common Fund; or

      (b) each amount of interest that:

      (i) forms part of the estate of a bankrupt or of a deceased debtor by virtue of subsection 20J(2) or (3); or

      (ii) forms part of a fund referred to in paragraph 20J(1) (b) by virtue of subsection 20J(2) or (3A); or

      (iii) is payable to a person by virtue of subsection 20J(4);

      is to be debited from the Equalization Account and paid into the Common Fund.

      (5) The Inspector-General must, at such times as the Inspector-General considers appropriate and, in any event, at least once every 6 months, determine whether any amounts standing to the credit of the Equalization Account are not required for the purposes of subsection (4). If the Inspector-General determines that any amounts are not so required, the Inspector-General may direct that the amounts not so required, or any part of those amounts, are to be debited from the Equalization Account.

      (6) Whenever an amount required by subsection (4) to be debited from the Equalization Account exceeds the amount standing to the credit of the Equalization Account, an amount equal to the excess must be credited to the Equalization Account.

      20J Interest on moneys in Common Fund payable only in certain circumstances

      (1) Where the Official Trustee is:

      (a) the trustee of the estate of a bankrupt or of a deceased debtor; or

      (b) the trustee of a fund of moneys held or received by the Official Trustee in respect of a particular debtor or bankrupt by reason of being:

      (i) the trustee of a composition, or of a scheme of arrangement, accepted under Division 6 of Part IV; or

      (ii) the trustee of a personal insolvency agreement;

      the estate or the fund is not entitled, except as provided by subsections (2), (3) and (3A), to interest on moneys held by the Official Trustee as trustee of the estate or fund, as the case may be.

      (2) Where moneys have been held, or are likely to be held, for a prescribed reason, or for one prescribed reason and then for another prescribed reason, by the Official Trustee as the trustee of the estate of a bankrupt or of a deceased debtor, or as trustee of a fund referred to in paragraph (1) (b), for not less than one year longer than those moneys would have been held, or would be likely to be held, by the Official Trustee but for that reason or those reasons, the Inspector-General may direct, by writing under his or her hand, that interest on those moneys, at the rate prescribed by the regulations for the purposes of this section and in respect of such period as he or she determines, shall form part of that estate or fund, as the case may be.

      (3) Where, on or after the date of commencement of this section (in the subsection referred to as the commencing date), the Official Trustee receives an amount by way of interest on moneys (other than moneys of the kind referred to in paragraph (1) (b)), or on investments, that form part of the Common Fund by virtue of subsection 20B(3):

      (a) if the interest accrued in respect of a period that ended before the commencing date — the amount of the interest forms part of the estate in respect of which those moneys or investments were held immediately before the commencing date; or

      (b) if the interest accrued in respect of a period that commenced before, but ended on or after, the commencing date — an amount that bears to the amount of that interest the same proportion as the number of days in the part of the period in respect of which the interest accrued that occurred before the commencing date bears to the number of days in that period forms part of the estate in respect of which those moneys or investments were held immediately before the commencing date.

      (3A) Where, on or after the date of commencement of this subsection (in this subsection referred to as the commencing day), the Official Trustee receives an amount by way of interest on moneys held or received by the Official Trustee by reason of being trustee of a fund referred to in paragraph (1) (b) (in this subsection referred to as the appropriate fund), being moneys that form part of the Common Fund:

      (a) if the interest accrued in respect of a period that ended before the commencing date — the amount of the interest forms part of the appropriate fund; or

      (b) if the interest accrued in respect of a period that commenced before, but ended on or after, the commencing day — an amount that bears to the amount of that interest the same proportion as the number of days in the part of the period in respect of which the interest accrued that occurred before the commencing day bears to the number of days in that period forms part of the appropriate fund.

      (4) Where СКАЧАТЬ