Page 912 - Week 03 - Thursday, 28 February 2013
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video
to the Public Trustee by companies and liquidators. The Legal Profession Act 2006 provides for unclaimed trust money held by a law practice to be paid to the Public Trustee. The Agents Act 2003 provides for unclaimed money held by licensed agents, former agents and representatives of deceased agents to be paid to the Public Trustee.
There is inconsistency between these acts about how unclaimed money is to be paid by the Public Trustee to the person to whom the money belongs. The processes currently set out are also unnecessarily expensive and burdensome for the person seeking to recover their unclaimed money.
In the case of unclaimed money received by the Public Trustee under the Unclaimed Money Act, a person may apply to the Supreme Court for an order declaring that they are entitled to the money. The Unclaimed Money Act provides that an amount is to be paid to the person if either the minister is satisfied that they are entitled to the amount or if the Supreme Court has declared that they are entitled.
The act also requires liquidators or companies who hold unclaimed money to pay the money to the territory. There is no guidance in the act about how the money is to be paid to the territory. Amendments to the act will clarify that unclaimed money required to be paid by liquidators and companies is to be paid to the Public Trustee.
The Legal Profession Act provides that a person may apply to the Supreme Court for an order declaring that they are entitled to an amount. The Legal Profession Act also provides that the Public Trustee must pay an amount if either the Public Trustee is satisfied that the person is entitled to the amount or if the Supreme Court has made an order declaring the person to be entitled.
The Agents Act provides that a person may apply to the Commissioner for Fair Trading if they claim to be entitled to unclaimed money under that act. The Public Trustee must pay an amount on the direction of the commissioner.
To ensure that claimants of unclaimed money who can prove they are entitled to amounts held by the Public Trustee can receive their money as expeditiously as possible, the bill proposes amendments to these acts to provide for a streamlined, consistent process.
This bill inserts into the Unclaimed Money Act a new part, which will provide that a person who claims to be entitled to an amount received by the Public Trustee under any of the three acts may apply to the Public Trustee for payment of the amount. The Public Trustee may require the person to provide proof that they are entitled to the amount. On receiving an application for unclaimed money, the Public Trustee must decide whether or not to pay the amount claimed to the applicant. The Public Trustee’s decision will be reviewable by the ACAT on the application of the applicant or anyone else whose interests are affected by the Public Trustee’s decision.
This new part is inserted in substitution for existing part 5. Existing part 5 provides a mechanism to deal with unclaimed superannuation money. By agreement between the commonwealth, states and territories, unclaimed superannuation money is now paid to and administered by the commonwealth, and all unclaimed superannuation money
Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video