Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 (44 of 2007)

Schedule 2   Amendments commencing on 1 July 2007

Bankruptcy Act 1966

29   After subsection 185E(2A)

Insert:

(2B) If the person specified under paragraph 185C(2)(c) is not the debtor, the Official Receiver must not accept the debt agreement proposal for processing unless:

(a) the person is a registered debt agreement administrator; or

(b) the person is a registered trustee; or

(c) both:

(i) the person is the administrator of not more than 5 debt agreements; and

(ii) no declaration is in force in relation to the person under section 186M.

(2C) If:

(a) the person specified under paragraph 185C(2)(c) in relation to a debt agreement proposal (the first debt agreement proposal ) is not:

(i) a registered debt agreement administrator; or

(ii) a registered trustee; and

(b) the person is specified under that paragraph in relation to one or more other debt agreement proposals;

the Official Receiver must not accept the first debt agreement proposal for processing if the person would become the administrator of more than 5 debt agreements if it were assumed that:

(c) the first debt agreement proposal is accepted; and

(d) those other debt agreement proposals are accepted.