Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 4 - Varying a debt agreement  

SECTION 185MD   WITHDRAWAL OF PROPOSAL TO VARY A DEBT AGREEMENT  

Scope

185MD(1)    
This section applies if:

(a)    a proposal to vary a debt agreement is given under section 185M ; and

(b)    the applicable deadline has not arrived; and

(c)    the proposal has not been accepted.

Withdrawal of proposal

185MD(2)    
If:

(a)    the Official Receiver becomes aware that the relevant subsection 185M(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or

(b)    the Official Receiver becomes aware of a material change in circumstances that:

(i) was not foreshadowed in the relevant subsection 185M(1B) statement; 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;

the Official Receiver may declare in writing that the proposal is withdrawn.

Notification of withdrawal

185MD(3)    
If the Official Receiver makes a declaration under subsection (2) , the Official Receiver must give written notice of the declaration, and the reasons for it, to:

(a)    the debtor; and

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

Review

185MD(4)    

If the Official Receiver decides to make a declaration under subsection (2) , the debtor or an affected creditor may apply to the Administrative Review Tribunal for review of the decision.