BANKRUPTCY ACT 1966

PART X - PERSONAL INSOLVENCY AGREEMENTS  

Division 3 - General provisions  

SECTION 222B   TERMINATION OF PERSONAL INSOLVENCY AGREEMENT BY CREDITORS  

222B(1)   [Creditors ' resolution]  

The creditors may, by resolution at a meeting called for the purpose, terminate a personal insolvency agreement if:


(a) the debtor is in default; and


(b) before the passage of the resolution, the trustee of the agreement tabled at the meeting a written declaration to the effect that the trustee is satisfied that the debtor is in default.

222B(2)   [Special resolution under certain circumstances]  

The creditors may, by special resolution at a meeting called for the purpose, terminate the personal insolvency agreement if:


(a) property of the debtor is covered by a restraining order or a forfeiture order; or


(b) a pecuniary penalty order made against the debtor is in force.

222B(3)   [Application dependent on timing of orders]  

However:


(a) paragraph (2)(a) does not apply if, when the personal insolvency agreement was made, the restraining order or forfeiture order already covered the property in question; and


(b) paragraph (2)(b) does not apply if, when the personal insolvency agreement was made, the pecuniary penalty order was already in force against the debtor.

222B(4)   [ in default ]  

For the purposes of this section, the debtor is in default if, and only if:


(a) the debtor has failed to carry out or comply with a term of the personal insolvency agreement; or


(b) if the debtor has died - the debtor or the person administering the estate of the debtor has failed to carry out or comply with a term of the agreement.




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