Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 185

Definitions

                   In this Part, unless the contrary intention appears:

"account-freezing notice" means a notice under subsection 186LB(2).

"affected creditor" means:

                     (a)  in relation to a proposal to vary or terminate a debt agreement--a creditor who is a party (as creditor) to the agreement; or

                     (b)  in relation to a debt agreement proposal--a creditor who would be a party to the proposed debt agreement if it were made.

"applicable deadline" :

                     (a)  in relation to a debt agreement proposal, means:

                              (i)  if Official Receiver accepted the proposal for processing in December--the end of the 42nd day after the acceptance; or

                             (ii)  otherwise--the end of the 35th day after the Official Receiver accepted the proposal for processing; or

                     (b)  in relation to a proposal to vary a debt agreement, means:

                              (i)  if the proposal was given to the Official Receiver in December--the end of the 42nd day after the proposal was given; or

                             (ii)  otherwise--the end of the 35th day after the proposal was given to the Official Receiver; or

                     (c)  in relation to a proposal to terminate a debt agreement, means:

                              (i)  if the proposal was given to the Official Receiver in December--the end of the 21st day after the proposal was given; or

                             (ii)  otherwise--the end of the 14th day after the proposal was given to the Official Receiver.

"basic eligibility test" has the meaning given by section 186A.

Chapter 5 body corporate has the same meaning as in the Corporations Act 2001 .

"debt agreement activities" of a company means the activities of the company in connection with:

                     (a)  debt agreement proposals for which the company is to be the administrator; and

                     (b)  debt agreements for which the company is the administrator.

designated 6-month arrears default has the meaning given by subsection 185LC(3).

"frozen debt" means a debt that:

                     (a)  is owed by a debtor who has given a debt agreement proposal that has been accepted by the Official Receiver for processing; and

                     (b)  would be a provable debt in relation to the proposed debt agreement if it were made;

but does not include a debt arising under a maintenance agreement or maintenance order (whenever entered into or made).

"provable debt" , in relation to a debt agreement, means a debt that would have been provable in bankruptcy if the debtor had become a bankrupt when the acceptance of the relevant debt agreement proposal for processing was recorded in the National Personal Insolvency Index.

"registered debt agreement administrator" means a person who is registered under section 186D as a debt agreement administrator.



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