PRIVACY ACT 1988

PART IIIA - CREDIT REPORTING  

Division 2 - Credit reporting bodies  

Subdivision G - Dealing with credit reporting information after the retention period ends etc.  

SECTION 20X   RETENTION PERIOD FOR CREDIT INFORMATION - PERSONAL INSOLVENCY INFORMATION  

20X(1)  
The following table has effect:


Item If personal insolvency information relates to ... the retention period for the information is whichever of the following periods ends later ...
1 a bankruptcy of an individual (a) the period of 5 years that starts on the day on which the individual becomes a bankrupt;
(b) the period of 2 years that starts on the day the bankruptcy ends.
2 a personal insolvency agreement to which item 3 of this table does not apply (a) the period of 5 years that starts on the day on which the agreement is executed;
(b) the period of 2 years that starts on the day the agreement is terminated or set aside under the Bankruptcy Act.
3 a personal insolvency agreement in relation to which a certificate has been signed under section 232 of the Bankruptcy Act (a) the period of 5 years that starts on the day on which the agreement is executed;
(b) the period that ends on the day on which the certificate is signed.
4 a debt agreement to which item 5 of this table does not apply (a) the period of 5 years that starts on the day on which the agreement is made;
(b) the period of 2 years that starts on the day:
  (i) the agreement is terminated under the Bankruptcy Act; or
  (ii) an order declaring that all the agreement is void is made under that Act.
5 a debt agreement that ends under section 185N of the Bankruptcy Act (a) the period of 5 years that starts on the day on which the agreement is made;
(b) the period that ends on the day on which the agreement ends.

Debt agreement proposals

20X(2)  
If personal insolvency information relates to a debt agreement proposal, the retention period for the information is the period that ends on the day on which:


(a) the proposal is withdrawn; or


(b) the proposal is not accepted under section 185EC of the Bankruptcy Act; or


(c) the acceptance of the proposal for processing is cancelled under section 185ED of that Act; or


(d) the proposal lapses under section 185G of that Act. Control of property

20X(3)  
If personal insolvency information relates to a direction given, or an order made, under section 50 of the Bankruptcy Act, the retention period for the information is the period that ends on the day on which the control of the property to which the direction or order relates ends.

Note:

See subsection 50(1B) of the Bankruptcy Act for when the control of the property ends.

20X(4)  
If the personal insolvency information relates to an authority signed under section 188 of the Bankruptcy Act, the retention period for the information is the period that ends on the day on which the property to which the authority relates is no longer subject to control under Division 2 of Part X of that Act. Interpretation

20X(5)  
An expression used in this section that is also used in the Bankruptcy Act has the same meaning in this section as it has in that Act.




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