Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 4 - Varying a debt agreement  

SECTION 185MD   WITHDRAWAL OF PROPOSAL TO VARY A DEBT AGREEMENT  

185MD(1)   Scope.  

This section applies if:


(a) a proposal to vary a debt agreement is given under section 185M ; and


(b) the applicable deadline has not arrived; and


(c) the proposal has not been accepted.

185MD(2)   Withdrawal of proposal.  

If:


(a) the Official Receiver becomes aware that the relevant subsection 185M(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or


(b) the Official Receiver becomes aware of a material change in circumstances that:


(i) was not foreshadowed in the relevant subsection 185M(1B) statement; and

(ii) in the opinion of the Official Receiver, is capable of affecting an affected creditor ' s decision whether or not to accept the proposal;

the Official Receiver may declare in writing that the proposal is withdrawn.

185MD(3)   Notification of withdrawal.  

If the Official Receiver makes a declaration under subsection (2), the Official Receiver must give written notice of the declaration, and the reasons for it, to:


(a) the debtor; and


(b) affected creditors who are known to the Official Receiver.

185MD(4)   Review.  

If the Official Receiver decides to make a declaration under subsection (2), the debtor or an affected creditor may apply to the Administrative Appeals Tribunal for review of the decision.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.