Commonwealth Consolidated Acts

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Processing of debt agreement proposal

Processing of proposals by the Official Receiver

  (1)   If the Official Receiver is required by subsection   185E(5) to process a debt agreement proposal, the Official Receiver must write to each of the affected creditors who is known to the Official Receiver, asking each affected creditor to indicate whether the proposal should be accepted.

Writing to creditors to deal with a proposal

  (2)   When writing to each affected creditor under subsection   (1) about a debt agreement proposal, the Official Receiver must:

  (a)   provide the creditor with a copy of:

  (i)   the debt agreement proposal; and

  (ii)   the debtor's subsection   185C(2B) statement; and

  (iii)   the certificate under subsection   185C(2D), and any certificate under paragraph   185C(4C)(b), that accompanied the debt agreement proposal; and

  (b)   ask the creditor to give a written statement setting out whether or not the debt agreement proposal should be accepted; and

  (c)   inform the creditor of the person to whom the statement should be given and of the need to give the statement before the applicable deadline.

  (3)   The paragraph   (2)(b) statement must be in the approved form.

  (4)   Paragraphs   (2)(b) and (c) do not apply in relation to an affected creditor who:

  (a)   is the proposed administrator; or

  (b)   was, on becoming an affected creditor, a related entity of the proposed administrator.

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