S 185B repealed by No 44 of 2007, s 3 and Sch 2 item 16, applicable in relation to: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 185B formerly read:
185B ACCEPTANCE OF A PROPOSAL
Acceptance by special resolution.
A proposal is accepted if a meeting of affected creditors passes a special resolution before the deadline accepting the proposal.
Timing of acceptance by special resolution.
A proposal accepted under subsection (1) is accepted at the time the special resolution is passed.
Acceptance in writing.
A proposal is also accepted if:
the Official Receiver writes to affected creditors of a debtor under section
a majority in number, and at least three-quarters in value, of the creditors who reply before the deadline state that the proposal should be accepted.
S 185B(3) amended by No 131 of 2002, s 3 and Sch 1 items 147 and 230, by substituting
, effective 5 May 2003.
For transitional provision of No 131 of 2002, see note under s 185(2).
Timing of acceptance of a proposal in writing.
A proposal that is accepted under subsection (3) is taken to be accepted at the deadline.
Value of a creditor.
In assessing the value of a creditor for the purposes of paragraph (3)(b), any debt that was assigned to the creditor is taken to have a value equal to the value of the consideration that the creditor gave for the assignment.
S 185B inserted by No 44 of 1996, Sch 1, Pt 1(320).