BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 3A - Duties of administrators  

SECTION 185LC   ADMINISTRATOR TO NOTIFY OFFICIAL RECEIVER OF A DESIGNATED 6-MONTH ARREARS DEFAULT BY A DEBTOR  

185LC(1)  


If a designated 6-month arrears default by a debtor occurs at particular time in relation to a debt agreement, the administrator of the debt agreement must notify, in writing, the Official Receiver of that occurrence within 10 business days of that occurrence.

185LC(2)  
The administrator of a debt agreement is not required to give a notification under subsection (1) in relation to the debt agreement if the administrator has already given such a notification in relation to the debt agreement.

185LC(3)  
For the purposes of this Part, a designated 6-month arrears default by a debtor occurs at a particular time (the test time ) in relation to a debt agreement if:


(a) both of the following apply:


(i) before the test time, one or more payments in respect of provable debts became due and payable by the debtor under the debt agreement;

(ii) at no time during the 6-month period ending immediately before the test time were any obligations in respect of those payments discharged; or


(b) both of the following apply:


(i) at the test time, the obligations created by the debt agreement have not been discharged;

(ii) the last of those obligations should have been discharged at a time 6 months before the test time.



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