BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 3 - Making a debt agreement  

SECTION 185H   MAKING A DEBT AGREEMENT  

185H(1)   [ Conditional and unconditional debt agreements]  

This section sets out the 2 situations in which a debt agreement is made.

185H(2)   Unconditional debt agreement proposals.  

If:


(a) a debt agreement proposal is accepted; and


(b) the proposal is not expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted;

then:


(c) the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and


(d) the debt agreement is made in the terms of the proposal when those details are so entered.

Note:

Section 185EC explains how a proposal is accepted.

185H(3)   Conditional debt agreement proposals.  

If:


(a) a debt agreement proposal is accepted; and


(b) the proposal is expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted; and


(c) the event occurs within that period;

then:


(d) the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and


(e) the debt agreement is made in the terms of the proposal when those details are so entered.

Note:

Section 185EC explains how a proposal is accepted.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.