Bankruptcy Act 1966
View history note
Hide history notePt IX - Debt agreements inserted by No 44 of 1996, Sch 1, Pt 1(320).
Pt IX - Small Bankruptcies repealed by No 12 of 1980, s 99.
Div 1 heading substituted by No 44 of 2007, s 3 and Sch 2 item 5, applicable in relation to:
The heading formerly read:
Division 1 - Definitions and procedures
(Repealed by No 44 of 2007)
S 185B repealed by No 44 of 2007, s 3 and Sch 2 item 16, applicable in relation to:
S 185B formerly read:
A proposal is accepted if a meeting of affected creditors passes a special resolution before the deadline accepting the proposal. A proposal accepted under subsection (1) is accepted at the time the special resolution is passed. A proposal is also accepted if:
S 185B(3) amended by No 131 of 2002, s 3 and Sch 1 items 147 and 230, by substituting
"
Official Receiver
"
for
"
Official Trustee
"
, effective 5 May 2003. For transitional provision of No 131 of 2002, see note under s 185(2).
185B ACCEPTANCE OF A PROPOSAL
185B(1)
Acceptance by special resolution.
185B(2)
Timing of acceptance by special resolution.
185B(3)
Acceptance in writing.
(a)
the Official Receiver writes to affected creditors of a debtor under section
185A
; and
(b)
a majority in number, and at least three-quarters in value, of the creditors who reply before the deadline state that the proposal should be accepted.
185B(4) Timing of acceptance of a proposal in writing.
A proposal that is accepted under subsection (3) is taken to be accepted at the deadline.
185B(5) Value of a creditor.
In assessing the value of a creditor for the purposes of paragraph (3)(b), any debt that was assigned to the creditor is taken to have a value equal to the value of the consideration that the creditor gave for the assignment.
S 185B inserted by No 44 of 1996, Sch 1, Pt 1(320).