Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 2 - Debt agreement proposals  

SECTION 185ED   CANCELLATION OF ACCEPTANCE OF DEBT AGREEMENT PROPOSAL FOR PROCESSING  

Scope

185ED(1)    
This section applies if:

(a)    the Official Receiver has accepted a debt agreement proposal for processing; and

(b)    the applicable deadline has not arrived.

Cancellation

185ED(2)    
The Official Receiver may cancel the acceptance of the debt agreement proposal for processing if:

(a)    the Official Receiver becomes aware that one or more affected creditors were not disclosed in the debtor ' s statement of affairs; or

(b)    the Official Receiver becomes aware that:

(i) the debtor ' s statement of affairs; or

(ii) the debtor ' s subsection 185C(2B) statement;

was deficient because it omitted a material particular or because it was incorrect in a material particular; or

(c)    the Official Receiver becomes aware of a material change in the debtor ' s circumstances that:

(i) was not foreshadowed in the debtor ' s subsection 185C(2B) statement or the debtor ' s statement of affairs; and

(ii) in the opinion of the Official Receiver, is capable of affecting an affected creditor ' s decision whether or not to accept the proposal; or

(d)    the Official Receiver becomes aware of a matter that, if it had been known to the Official Receiver at the time of acceptance of the debt agreement proposal for processing, would have resulted in a refusal of acceptance on the grounds that subsection 185C(4) had not been complied with.

Notification of cancellation

185ED(3)    
If the Official Receiver cancels the acceptance of a debt agreement proposal for processing, the Official Receiver must give written notice of the cancellation, and the reasons for it, to:

(a)    the debtor; and

(b)    affected creditors who are known to the Official Receiver.

Review

185ED(4)    

If the Official Receiver decides to cancel the acceptance of a debt agreement proposal for processing, the debtor may apply to the Administrative Review Tribunal for review of the decision.