Bankruptcy Amendment (National Personal Insolvency Index) Regulation 2015 (179 of 2015)

Schedule 1   Amendments

Bankruptcy Regulations 1996

1   After Division 2 of Part 13

Insert:

Division 2A - Removal of information from the Index

13.05A Removal of information relating to debt agreement from the Index

(1) If a debt agreement ends under section 185N of the Act, the Official Receiver must remove information relating to the debt agreement from the Index within 1 month after the later of the following days:

(a) 5 years after the day on which the debt agreement was made;

(b) the day on which the debt agreement ends.

(2) If a debt agreement is terminated under section 185P, 185Q, 185QA or 185R of the Act, the Official Receiver must remove information relating to the debt agreement from the Index within 1 month after the later of the following days:

(a) 5 years after the day on which the debt agreement was made;

(b) 2 years after the day on which the debt agreement is terminated.

(3) If an order is made under section 185U of the Act declaring all of a debt agreement void, the Official Receiver must remove information relating to the debt agreement from the Index within 1 month after the later of the following days:

(a) 5 years after the day on which the debt agreement was made;

(b) 2 years after the day on which the order is made.

13.05B Removal of information relating to debt agreement proposal from the Index

The Official Receiver must remove information relating to a debt agreement proposal from the Index within 1 year after the day on which any of the following occurs:

(a) the proposal is withdrawn;

(b) the proposal is not accepted under section 185EC of the Act;

(c) the acceptance of the proposal for processing is cancelled under section 185ED of the Act;

(d) the proposal lapses under section 185G of the Act.