LAWS107 Chapter Notes - Chapter 10: Secured Creditor, Official Receiver, General Position
Document Summary
The general position is that a bankrupt is automatically discharged from bankruptcy after three years from the date on which the bankrupt filed his/her statement of affairs: s 149. However, where a notice of objection to the discharge of the bankrupt has been filed by the trustee with the official. Receiver, the discharge period is extended to either five or eight years depending upon the nature of the objection: ss 149a, 149b. The grounds of objection are set out in s 149d. The discharge releases the bankrupt from all provable debts (including secured debts): > except those stated in s 153. A discharged bankrupt remains liable under any pecuniary penalty order under the proceeds of crime legislation: s 82(3a) Furthermore, discharge of a bankrupt does not in itself release a partner, co-trustee, joint contractor, or a surety for the bankrupt from any liability: s 153(4)
