Bankruptcy Act 1966
When a debt agreement ends under subsection 185N(1) , the debtor is released from provable debts from which the debtor would have been released if the debtor had been discharged from bankruptcy immediately after the acceptance of the relevant debt agreement proposal for processing was recorded on the National Personal Insolvency Index.185NA(2) Limits on release.
The release ceases to operate if the debt agreement is declared void by the Court.185NA(3) [ Joint debts and guarantors]
(a) release anyone else from a debt that he or she owes jointly with the debtor; or
(b) release a guarantor from the guarantee that the guarantor gave for the debtor ' s debt.