Bankruptcy Act 1966
PART IX
-
DEBT AGREEMENTS
Division 5
-
Ending a debt agreement
SECTION 185QA
TERMINATING A DEBT AGREEMENT
-
DESIGNATED 6-MONTH ARREARS DEFAULT
185QA(1)
[
Requirements once debt notified]
(a) the administrator of a debt agreement notifies the Official Receiver that a designated 6-month arrears default by the debtor has occurred; and
(b) the Official Receiver is satisfied that the designated 6-month arrears default has occurred;
(c) declare in writing that the agreement is terminated; and
(d) record the declaration on the National Personal Insolvency Index. 185QA(2) [ Record on index terminates debt agreement]
View history note
Hide history note(a) the administrator of a debt agreement notifies the Official Receiver that a designated 6-month arrears default by the debtor has occurred; and
(b) the Official Receiver is satisfied that the designated 6-month arrears default has occurred;
the Official Receiver must:
(c) declare in writing that the agreement is terminated; and
(d) record the declaration on the National Personal Insolvency Index. 185QA(2) [ Record on index terminates debt agreement]
The debt agreement is terminated when the declaration is recorded on the National Personal Insolvency Index.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.