PART IX
-
DEBT AGREEMENTS
History
Pt IX
-
Debt agreements inserted by No 44 of 1996, Sch 1, Pt 1(320).
Pt IX
-
Small Bankruptcies repealed by No 12 of 1980, s 99.
Division 5
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Ending a debt agreement
SECTION 185P
TERMINATING A DEBT AGREEMENT BY ACCEPTING A PROPOSAL
185P(1)
Proposing to terminate a debt agreement.
The debtor (or the debtor
'
s personal representative if the debtor has died) or a creditor who is bound by a debt agreement may give the Official Receiver a written proposal to terminate the agreement.
185P(1A)
[
Proposal must be in approved form]
The proposal must be in the approved form.
History
S 185P(1A) inserted by No 44 of 2007, s 3 and Sch 2 item 51, applicable in relation to:
(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and
(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
185P(1B)
[
Explanatory statement to accompany proposal]
A proposal must be accompanied by an explanatory statement in the approved form containing such information as the form requires.
History
S 185P(1B) inserted by No 44 of 2007, s 3 and Sch 2 item 51, applicable in relation to:
(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and
(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
185P(1C)
[
Explanatory statement in proposal]
The subsection (1B) statement may be set out in the same document as the proposal.
History
S 185P(1C) inserted by No 44 of 2007, s 3 and Sch 2 item 51, applicable in relation to:
(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and
(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
185P(2)
Processing a proposal to terminate debt agreement.
The Official Receiver must process the proposal in accordance with section
185PA
if the Official Receiver is satisfied that subsections (1A) and (1B) of this section have been complied with.
History
S 185P(2) amended by No 44 of 2007, s 3 and Sch 2 items 52 and 53, by inserting
"
in accordance with section 185PA if the Official Receiver is satisfied that subsections (1A) and (1B) of this section have been complied with
"
at the end and repealing the note, applicable in relation to:
(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and
(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
The note formerly read:
Note:
Section
185A
explains what is involved in processing a proposal.
185P(3)
Termination of the debt agreement when the proposal is accepted.
The debt agreement is terminated when the proposal is accepted.
Note:
Section
185PC
explains how a proposal is accepted.
History
S 185P(3) amended by No 44 of 2007, s 3 and Sch 2 item 54, by substituting
"
185PC
"
for
"
185B
"
in the note, applicable in relation to:
(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and
(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.
History
S 185P amended by No 131 of 2002, s 3 and Sch 1 items 159 and 230, by substituting
"
Official Receiver
"
for
"
Official Trustee
"
(wherever occurring), effective 5 May 2003.
For transitional provision of No 131 of 2002, see note under s 185(2).
S 185P inserted by No 44 of 1996, Sch 1, Pt 1(320).
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