Bankruptcy Act 1966
(a) a proposal to vary a debt agreement is given under section 185M ; and
(b) the applicable deadline has not arrived; and
(c) the proposal has not been accepted. 185MD(2) Withdrawal of proposal.
(a) the Official Receiver becomes aware that the relevant subsection 185M(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or
(b) the Official Receiver becomes aware of a material change in circumstances that:
(i) was not foreshadowed in the relevant subsection 185M(1B) statement; and
(ii) in the opinion of the Official Receiver, is capable of affecting an affected creditor ' s decision whether or not to accept the proposal;
the Official Receiver may declare in writing that the proposal is withdrawn.185MD(3) Notification of withdrawal.
(a) the debtor; and
(b) affected creditors who are known to the Official Receiver. 185MD(4) Review.
If the Official Receiver decides to make a declaration under subsection (2), the debtor or an affected creditor may apply to the Administrative Appeals Tribunal for review of the decision.