The 5th of May 2003 saw the introduction of the revesting provisions into the Bankruptcy Act. These provisions apply to all estates regardless of whether discharge occurred before or after 5 May 2003. Subject to some transitional provisions that apply to estates that commenced before 5 May 2003 and a small timing difference with after-acquired property, revesting of property occurs six years after the bankrupt’s discharge. That is, if the trustee has not dealt with the property, ownership goes back to the now ex-bankrupt
It does not matter whether discharge is delayed due to an objection to discharge being filed, the six year period commences on the actual date of discharge, not the earlier date that would have been the discharge date if there had been no objection lodged.
The transitional provisions apply where discharge occurred before 5 May 2003. In these estates revesting will occur six years after that date, on 5 May 2009. That means that the earliest date that any property could revest to a bankrupt, and the revesting of property for all those estates where discharge occurred before 5 May 2003 will occur in a few days.
