BANKRUPTCY ACT 1966

PART X - PERSONAL INSOLVENCY AGREEMENTS  

Division 3 - General provisions  

SECTION 221A   VARIATION OF PERSONAL INSOLVENCY AGREEMENT  

221A(1)   Variation by special resolution of creditors.  

The creditors, with the written consent of the debtor, may vary a personal insolvency agreement by special resolution at a meeting called for the purpose.

221A(2)   Variation by trustee.  

The trustee, with the written consent of the debtor, may, in writing, propose a variation of a personal insolvency agreement.

221A(3)  


The trustee must give notice of the proposed variation to all the creditors who are entitled to receive notice of a meeting of creditors.

221A(4)  
The notice must:


(a) include a statement of the reasons for the variation and the likely impact it will have on creditors (if it takes effect); and


(b) specify a date (at least 14 days after the notice is given) from which it is proposed that the variation will take effect; and


(c) state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the variation taking effect without there being a meeting of creditors.

221A(5)  
If no creditor lodges a written notice of objection with the trustee at least 2 days before the specified date, then the proposed variation takes effect on the date specified in the notice.

221A(6)  
A certificate signed by the trustee stating any matter relating to a proposed variation under subsection (2) is prima facie evidence of the matter.




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