Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185LC

             (1)  If a designated 6-month arrears default by a debtor occurs at particular time in relation to a debt agreement, the administrator of the debt agreement must notify, in writing, the Official Receiver of that occurrence within 10 business days of that occurrence.

             (2)  The administrator of a debt agreement is not required to give a notification under subsection (1) in relation to the debt agreement if the administrator has already given such a notification in relation to the debt agreement.

             (3)  For the purposes of this Part, a designated 6-month arrears default by a debtor occurs at a particular time (the test time ) in relation to a debt agreement if:

                     (a)  both of the following apply:

                              (i)  before the test time, one or more payments in respect of provable debts became due and payable by the debtor under the debt agreement;

                             (ii)  at no time during the 6-month period ending immediately before the test time were any obligations in respect of those payments discharged; or

                     (b)  both of the following apply:

                              (i)  at the test time, the obligations created by the debt agreement have not been discharged;

                             (ii)  the last of those obligations should have been discharged at a time 6 months before the test time.