Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS

View history note

Division 1 - Introduction

View history reference

View history note

SECTION 185A

185A ADEQUATE AND APPROPRIATE PROFESSIONAL INDEMNITY AND FIDELITY INSURANCE

View history reference

The Inspector-General may, by legislative instrument, determine what constitutes adequate and appropriate professional indemnity insurance, and adequate and appropriate fidelity insurance, in relation to either or both of the following:

(a) specified circumstances;

(b) one or more specified classes of registered debt agreement administrators.

View history note

History

S 185A inserted by No 118 of 2018, s 3 and Sch 3 item 2, effective 27 June 2019.

S 185A repealed by No 44 of 2007, s 3 and Sch 2 item 16, applicable in relation to: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 185A formerly read:

185A PROCEDURES FOR DEALING WITH PROPOSALS
185A(1) Processing of proposals by the Official Receiver.
Whenever the Official Receiver is required by this Part to process a proposal relating to a debt agreement, the Official Receiver must:

(a) call a meeting of the affected creditors who are known to the Official Receiver to allow those creditors to consider the proposal; or

(b) write to each of the affected creditors who is known to the Official Receiver, asking each affected creditor to indicate whether the proposal should be accepted.

185A(2) Meetings to deal with a proposal.
Division 5 of Part IV, with any modifications prescribed by the regulations, applies in relation to any meeting called by the Official Receiver under paragraph (1)(a) as if:

(a) the debtor were a bankrupt; and

(b) the Official Receiver were the trustee of the debtor ' s estate in bankruptcy.

185A(3) Writing to creditors to deal with a proposal.
When writing to each affected creditor under paragraph (1)(b) about a proposal, the Official Receiver must:

(a) explain the proposal; and

(b) ask the creditor to state in writing whether or not the proposal should be accepted; and

(c) inform the creditor of the person to whom the statement should be given and of the need to give the statement before the deadline.

S 185A amended by No 131 of 2002, s 3 and Sch 1 items 146 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 185A inserted by No 44 of 1996, Sch 1, Pt 1(320).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.