—(1) The Official Assignee shall maintain and administer a fund to be known as the Insolvency Assistance Fund (referred to in this section as the Fund) in accordance with such rules as may be prescribed.
(2) There shall be paid into the Fund —
all unclaimed moneys referred to in section 164(3); and
all costs and fees recovered by the Official Assignee in any proceedings taken under this Act in which moneys from the Fund were applied.
(3) Subject to subsections (4) and (6), the Fund may be applied by the Official Assignee for all or any of the following purposes:
for the remuneration of special managers appointed under section 113;
for the payment of all costs, fees and allowances to solicitors and other persons in proceedings on behalf of a bankrupt’s estate or to recover assets of the estate;
for the payment of such costs and fees in the administration of a bankrupt’s estate as the Official Assignee may determine;
for such other purposes as may be prescribed.
(4) If any claimant makes any demand against the Official Assignee for any amount of unclaimed moneys paid into the Fund under subsection (2)(a), the Minister may direct that payment of that amount, free of interest, be made to the claimant out of the Consolidated Fund.
(5) No moneys from the Fund shall be applied for any proceedings where, in the opinion of the Official Assignee, there is no reasonable ground for taking, defending, continuing or being a party to the proceedings or where there are sufficient moneys for such purpose in the bankrupt’s estate.
(6) The Minister may from time to time pay such sums of moneys in the Fund into the Consolidated Fund as he may determine.