§ 20 — Modifications to Bankruptcy Act

20.—(1) During the prescribed period, the Bankruptcy Act applies as if —(a)

the reference in section 56B(2)(a) of that Act to “$100,000” were a reference to “$250,000”;

(b)

the reference in section 56L(a) of that Act to “$100,000” were a reference to “$250,000”;

(c)

the reference in section 56L(b) of that Act to “$50,000” were a reference to “$125,000”;

(d)

the reference in section 61(1)(a) of that Act to “$15,000” were a reference to “$60,000”;

(e)

the reference in section 62(a)(ii) of that Act to “21 days” were a reference to “6 months”;

(f)

the reference in section 63A of that Act to “21 days” were a reference to “6 months”;

(g)

the references in section 65(1A) of that Act to “21 days” were references to “6 months”;

(h)

the reference in section 65(7)(a) of that Act to “$100,000” were a reference to “$250,000”; and

(i)

the reference in section 67(3)(a) of that Act to “$100,000” were a reference to “$250,000”.

(2) For the purposes of section 144 of the Bankruptcy Act, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —(a)

in the ordinary course of the bankrupt’s trade or business;

(b)

during the prescribed period; and

(c)

before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.

—(1) During the prescribed period, the Bankruptcy Act applies as if —(a)

the reference in section 56B(2)(a) of that Act to “$100,000” were a reference to “$250,000”;

(b)

the reference in section 56L(a) of that Act to “$100,000” were a reference to “$250,000”;

(c)

the reference in section 56L(b) of that Act to “$50,000” were a reference to “$125,000”;

(d)

the reference in section 61(1)(a) of that Act to “$15,000” were a reference to “$60,000”;

(e)

the reference in section 62(a)(ii) of that Act to “21 days” were a reference to “6 months”;

(f)

the reference in section 63A of that Act to “21 days” were a reference to “6 months”;

(g)

the references in section 65(1A) of that Act to “21 days” were references to “6 months”;

(h)

the reference in section 65(7)(a) of that Act to “$100,000” were a reference to “$250,000”; and

(i)

the reference in section 67(3)(a) of that Act to “$100,000” were a reference to “$250,000”.

(2) For the purposes of section 144 of the Bankruptcy Act, a bankrupt is not to be treated as having no reasonable ground of expectation of being able to pay a debt if the debt is incurred —(a)

in the ordinary course of the bankrupt’s trade or business;

(b)

during the prescribed period; and

(c)

before the making of an application for voluntary arrangement or bankruptcy in respect of the bankrupt.