Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

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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Pt IX - Small Bankruptcies repealed by No 12 of 1980, s 99.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 5 - Ending a debt agreement  

SECTION 185NA   RELEASE OF DEBTOR FROM DEBTS  

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185NA(1)   Time and effect of release.  

When a debt agreement ends under subsection 185N(1) , the debtor is released from provable debts from which the debtor would have been released if the debtor had been discharged from bankruptcy immediately after the acceptance of the relevant debt agreement proposal for processing was recorded on the National Personal Insolvency Index.

185NA(2)   Limits on release.  

The release ceases to operate if the debt agreement is declared void by the Court.

185NA(3)   [ Joint debts and guarantors]  

The release does not:

(a) release anyone else from a debt that he or she owes jointly with the debtor; or

(b) release a guarantor from the guarantee that the guarantor gave for the debtor ' s debt.

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S 185NA inserted by No 44 of 2007, s 3 and Sch 2 item 50, 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.

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