What were the main aims underpinning the introduction of the bankruptcy legislation should punish the bankrupt to ensure that people manage financial risks better in the current global economic climate.

b) the bankruptcy Act 1966(Cth) exempts certain properties from sequestratio. Given Chen is declared bankruptcy, which of the following assets is exempt from payment of debt?

I) Chen's car worth $3000

ii) Chen's tools of trade worth $ 1850

iii)a life insurance policy on Chen's life taken 19 months before bankruptcy

iv) the proceeds of a negligence action brought by Chen in respect to damage to his car