Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185PD

Scope

             (1)  This section applies if:

                     (a)  a proposal to terminate a debt agreement is given under section 185P; and

                     (b)  the applicable deadline has not arrived; and

                     (c)  the proposal has not been accepted.

Withdrawal of proposal

             (2)  If:

                     (a)  the Official Receiver becomes aware that the relevant subsection 185P(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 185P(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the Official Receiver may declare in writing that the proposal is withdrawn.

Notification of withdrawal

             (3)  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.

Review

             (4)  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.