Section 139ZIEA — Bankruptcy Act 1966: New supervised account

(1) If a bankrupt is a bankrupt to whom the supervised account regime applies, the trustee may: (a) by written notice given to the bankrupt, revoke a supervised account notice relating to the bankrupt; and (b) issue a fresh supervised account notice relating to the bankrupt, and give the fresh notice to the bankrupt; and (c) by written notice given to the bankrupt, require the bankrupt, immediately after the account is opened in accordance with the fresh notice, to transfer: (i) the balance (if any) of the account maintained in accordance with the revoked notice; to: (ii) the account opened in accordance with the fresh notice. (2) The revocation under paragraph (1)(a) of the supervised account notice takes effect when the bankrupt opens the account in accordance with the fresh supervised account notice. (3) Notices under paragraphs (1)(a) and (c) may be set out in the same document. (4) The powers conferred on the trustee by subsection (1) may be exercised: (a) on his or her own initiative; or (b) on the application of the bankrupt. (5) If, following the bankrupt’s application, the trustee refuses to exercise the powers conferred by subsection (1), the trustee must give the bankrupt written notice of the refusal. Offence (6) A person commits an offence if: (a) the person is subject to a requirement under paragraph (1)(c); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty for contravention of this subsection: Imprisonment for 6 months.