BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 4 - Varying a debt agreement  

SECTION 185MD   WITHDRAWAL OF PROPOSAL TO VARY A DEBT AGREEMENT  

185MD(1)   Scope.  

This section applies if:


(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.  

If:


(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the Official Receiver may declare in writing that the proposal is withdrawn.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.  

If the Official Receiver makes a declaration under subsection (2), the Official Receiver must give written notice of the declaration, and the reasons for it, to:


(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.




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