Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 (44 of 2007)

Schedule 2   Amendments commencing on 1 July 2007

Bankruptcy Act 1966

56   Section 185QA

Repeal the section, substitute:

185QA Terminating a debt agreement - designated 6-month arrears default

(1) If:

(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.

(2) The debt agreement is terminated when the declaration is recorded on the National Personal Insolvency Index.