Section 20 — Modifications to Bankruptcy Act

(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.