Bankruptcy Regulations 1996

PART 9 - DEBT AGREEMENTS  

REGULATION 9.01   PRESCRIBED INFORMATION TO BE SUPPLIED TO THE DEBTOR  

9.01(1)    

For paragraph 185C(2D)(b) of the Act, the following information is prescribed:

(a) information about alternatives to entering into a debt agreement;

(b) information about the consequences of making a debt agreement proposal;

(c) information about sources of financial advice and guidance to persons facing or contemplating entering into a debt agreement;

(d) a statement that it is an act of bankruptcy for a debtor to give to the Official Receiver a debt agreement proposal.

9.01(2)    
The information must be factual and objective.

9.01(3)    
The Official Receiver must not accept a debtor ' s debt agreement proposal under Division 2 of Part IX of the Act, unless the debtor has given to the Official Receiver a signed acknowledgment that the debtor has received and read the prescribed information.

9.01(4)    
If the debtor presents a debt agreement proposal without having given the acknowledgement, the Official Receiver must:

(a) if the debtor presents the debt agreement proposal in person - give the prescribed information to the debtor; or

(b) if the debtor presents the debt agreement proposal by post - post the prescribed information to the debtor.

9.01(5)    

Subregulation (6) applies if a debtor intends to present a debt agreement proposal and the debtor is:

(a) unable to read the relevant material, because he or she is:

(i) blind, partially sighted, illiterate or partially literate; or

(ii) insufficiently familiar with the English language; or

(b) unable to sign the debt agreement proposal or the acknowledgment, because of a physical incapacity.

9.01(6)    

The debt agreement proposal and the acknowledgement may be signed by another person, who must sign a statement:

(a) if subparagraph (5)(a)(i) applies - that he or she has read the relevant material to the debtor; or

(b) if subparagraph (5)(a)(ii) applies - that he or she has interpreted the relevant material to the debtor in a language with which both persons are familiar; or

(c) if paragraph (5)(b) applies - that he or she believes that the debtor has read and understood the relevant material.

9.01(7)    

In this regulation:

relevant material
means the debt agreement proposal, the prescribed information and the acknowledgment.