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Small Bankruptcies repealed by No 12 of 1980, s 99.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 1
-
Introduction
History
Div 1 heading substituted by No 44 of 2007, s 3 and Sch 2 item 5, 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 heading formerly read:
Division 1
-
Definitions and procedures
SECTION 185
185
DEFINITIONS
In this Part, unless the contrary intention appears:
account-freezing notice
means a notice under subsection
186LB(2)
.
History
Definition of
"
account-freezing notice
"
inserted by No 44 of 2007, s 3 and Sch 2 item 7, 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.
adequate and appropriate fidelity insurance
has a meaning affected by section
185A
.
History
Definition of
"
adequate and appropriate fidelity insurance
"
inserted by No 118 of 2018, s 3 and Sch 3 item 1, effective 27 June 2019.
adequate and appropriate professional indemnity insurance
has a meaning affected by section
185A
.
History
Definition of
"
adequate and appropriate professional indemnity insurance
"
inserted by No 118 of 2018, s 3 and Sch 3 item 1, effective 27 June 2019.
affected creditor
means:
(a)
in relation to a proposal to vary or terminate a debt agreement
-
a creditor who is a party (as creditor) to the agreement; or
(b)
in relation to a debt agreement proposal
-
a creditor who would be a party to the proposed debt agreement if it were made.
applicable deadline
:
(a)
in relation to a debt agreement proposal, means:
(i)
if Official Receiver accepted the proposal for processing in December
-
the end of the 42nd day after the acceptance; or
(ii)
otherwise
-
the end of the 35th day after the Official Receiver accepted the proposal for processing; or
(b)
in relation to a proposal to vary a debt agreement, means:
(i)
if the proposal was given to the Official Receiver in December
-
the end of the 42nd day after the proposal was given; or
(ii)
otherwise
-
the end of the 35th day after the proposal was given to the Official Receiver; or
(c)
in relation to a proposal to terminate a debt agreement, means:
(i)
if the proposal was given to the Official Receiver in December
-
the end of the 21st day after the proposal was given; or
(ii)
otherwise
-
the end of the 14th day after the proposal was given to the Official Receiver.
History
Definition of
"
applicable deadline
"
inserted by No 44 of 2007, s 3 and Sch 2 item 8, 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.
bank
(Repealed by No 11 of 2016)
History
Definition of
"
bank
"
repealed by No 11 of 2016, s 3 and Sch 1 item 58, effective 1 March 2017. The definition formerly read:
bank
means an ADI or any other bank.
Definition of
"
bank
"
inserted by No 44 of 2007, s 3 and Sch 2 item 9, 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.
basic eligibility test
has the meaning given by section
186A
.
History
Definition of
"
basic eligibility test
"
inserted by No 44 of 2007, s 3 and Sch 1 item 13, effective 11 April 2007.
Chapter 5 body corporate
has the same meaning as in the
Corporations Act 2001
.
History
Definition of
"
Chapter 5 body corporate
"
inserted by No 11 of 2016, s 3 and Sch 1 item 59, applicable in relation to the administration of regulated debtors
'
estates on and after 1 September 2017.
debt agreement activities
of a company means the activities of the company in connection with:
(a)
debt agreement proposals for which the company is to be the administrator; and
(b)
debt agreements for which the company is the administrator.
History
Definition of
"
debt agreement activities
"
inserted by No 44 of 2007, s 3 and Sch 1 item 14, effective 11 April 2007.
debtor
(Repealed by No 44 of 2007)
History
Definition of
"
debtor
"
repealed by No 44 of 2007, s 3 and Sch 2 item 10, 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 definition formerly read:
debtor
means a person who is insolvent, or would be insolvent if he or she had not been released from debts under section
185J
.
designated 6-month arrears default
has the meaning given by subsection
185LC(3)
.
History
Definition of
"
designated 6-month arrears default
"
inserted by No 44 of 2007, s 3 and Sch 2 item 11, 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.
externally-administered body corporate
(Repealed by No 11 of 2016)
History
Definition of
"
externally-administered body corporate
"
repealed by No 11 of 2016, s 3 and Sch 1 item 60, applicable in relation to the administration of regulated debtors
'
estates on and after 1 September 2017. The definition formerly read:
externally-administered body corporate
has the same meaning as in the
Corporations Act 2001
.
Definition of
"
externally-administered body corporate
"
inserted by No 44 of 2007, s 3 and Sch 1 item 15, effective 11 April 2007.
frozen debt
means a debt that:
(a)
is owed by a debtor who has given a debt agreement proposal that has been accepted by the Official Receiver for processing; and
(b)
would be a provable debt in relation to the proposed debt agreement if it were made;
but does not include a debt arising under a maintenance agreement or maintenance order (whenever entered into or made).
History
Definition of
"
frozen debt
"
amended by No 44 of 2007, s 3 and Sch 2 item 12, by substituting para (b), 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.
Para (b) formerly read:
(b)
would be provable in bankruptcy if the debtor had become a bankrupt when the Official Receiver accepted the debt agreement proposal for processing;
Definition of
"
frozen debt
"
amended by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 144 and 230, by substituting
"
Official Receiver
"
for
"
Official Trustee
"
(wherever occurring), effective 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
For transitional provision of No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), see note under s 185(2).
insolvent under administration
(Repealed by No 46 of 2011)
History
Definition of
"
insolvent under administration
"
repealed by No 46 of 2011, s 3 and Sch 2 item 291, effective 27 December 2011. No 46 of 2011, s 3 and Sch 3 items 10 and 11 contain the following saving and transitional provisions:
10 Saving
-
appointments
10
The amendments made by Schedule 2 do not affect the validity of an appointment that was made under an Act before the commencement of this item and that was in force immediately before that commencement.
11 Transitional regulations
11
The Governor-General may make regulations prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments and repeals made by Schedules 1 and 2.
The definition formerly read:
insolvent under administration
has the same meaning as in the
Corporations Act 2001
.
Definition of
"
insolvent under administration
"
inserted by No 44 of 2007, s 3 and Sch 1 item 16, effective 11 April 2007.
proposed administrator
, in relation to a debt agreement proposal, means the person specified under paragraph
185C(2)(c)
.
History
Definition of
"
proposed administrator
"
inserted by No 118 of 2018, s 3 and Sch 1 item 25, applicable in relation to debt agreement proposals given to the Official Receiver on or after 27 June 2019.
provable debt
, in relation to a debt agreement, means a debt that would have been provable in bankruptcy if the debtor had become a bankrupt when the acceptance of the relevant debt agreement proposal for processing was recorded in the National Personal Insolvency Index.
History
Definition of
"
provable debt
"
amended by No 44 of 2007, s 3 and Sch 2 item 13, by substituting
"
acceptance of the relevant debt agreement proposal for processing
"
for
"
making of the debt agreement
"
, 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.
registered debt agreement administrator
means a person who is registered under section
186D
as a debt agreement administrator.
History
Definition of
"
registered debt agreement administrator
"
inserted by No 44 of 2007, s 3 and Sch 1 item 17, effective 11 April 2007.
working day
(Repealed by No 11 of 2016)
History
Definition of
"
working day
"
repealed by No 11 of 2016, s 3 and Sch 1 item 61, effective 1 March 2017. The definition formerly read:
working day
means a day that is not:
(a)
a Saturday or a Sunday; or
(b)
a public holiday in any place in Australia.
Definition of
"
working day
"
inserted by No 44 of 2007, s 3 and Sch 2 item 14, 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.
185(2)
(Repealed by No 44 of 2007)
History
S 185(2) repealed by No 44 of 2007, s 3 and Sch 2 item 15, 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.
S 185(2) formerly read:
185(2)
Deadline for a proposal.
The
deadline
for a proposal is:
(a)
if it is a debt agreement proposal
-
the end of the 25th working day after the Official Receiver accepted the proposal for processing; or
(b)
if it is a proposal to vary or terminate a debt agreement
-
the end of the 25th working day after the proposal was given to the Official Receiver.
S 185(2) amended by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 145 and 230, by substituting
"
Official Receiver
"
for
"
Official Trustee
"
(wherever occurring), effective 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
Act No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7) contains the following transitional provision:
230(1)
The amendment applies to debt agreements that are in force at 5 May 2003 and to debt agreements made after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
230(2)
Things that were done before 131 by, or in relation to, the Official Trustee under Part IX of the Bankruptcy Act are to be treated as if they had been done by, or in relation to, the Official Receiver.
185(3)
(Repealed by No 44 of 2007)
History
S 185(3) repealed by No 44 of 2007, s 3 and Sch 2 item 15, 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.
S 185(3) formerly read:
185(3)
Working day.
For the purposes of subsection (2), a
working day
is:
(a)
in relation to a debt agreement proposal
-
a day that is not a Saturday, Sunday or a public holiday in the District in which the proposal was accepted for processing; or
(b)
in relation to a proposal to vary or terminate a debt agreement
-
a day that is not a Saturday, Sunday or public holiday in the District in which the proposal for the debt agreement was accepted for processing.
History
S 185 inserted by No 44 of 1996, Sch 1, Pt 1(320).
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