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Acts of Bankruptcy - s40(1)(g) Bankruptcy Notices

Mark Smith : 3 April 2021 12:07:09 AM

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Acts of Bankruptcy - s40(1)(g) Bankruptcy Notices

How does a Bankruptcy Notices under the Bankruptcy Act 1966 work?

BANKRUPTCY ACT 1966 - SECT 40

Acts of bankruptcy

(1) A debtor commits an act of bankruptcy in each of the following cases: ....

... (g) if a creditor who has obtained against the debtor a final judgment or final order, being a judgment or order the execution of which has not been stayed, has served on the debtor in Australia or, by leave of the Court, elsewhere, a bankruptcy notice under this Act and the debtor does not:

                              (i) where the notice was served in Australia--within the time fixed for compliance with the notice; or

                             (ii) where the notice was served elsewhere--within the time specified by the order giving leave to effect the service;

                            comply with the requirements of the notice or satisfy the Court that he or she has a counter-claim, set-off or cross demand equal to or exceeding the amount of the judgment debt or sum payable under the final order, as the case may be, being a counter-claim, set-off or cross demand that he or she could not have set up in the action or proceeding in which the judgment or order was obtained

Source: http://classic.austlii.edu.au/au/legis/cth/consol_act/ba1966142/s40.html

https://youtu.be/S68wDhKcrCI

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More info on Bankruptcy?

What is a Bankruptcy Notices under the Bankruptcy Act 1966? The Act defines Bankruptcy Notices as follows:

BANKRUPTCY ACT 1966 - SECT 41

Bankruptcy notices

(1) An Official Receiver may issue a bankruptcy notice on the application of a creditor who has obtained against a debtor:

(a) a final judgment or final order that:

(i) is of the kind described in paragraph 40(1)(g); and

(ii) is for an amount of at least the statutory minimum; or

(b) 2 or more final judgments or final orders that:

(i) are of the kind described in paragraph 40(1)(g); and

(ii) taken together are for an amount of at least the statutory minimum ...

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