Commonwealth Consolidated Acts

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Variation of personal insolvency agreement

Variation by special resolution of creditors

  (1)   The creditors, with the written consent of the debtor, may vary a personal insolvency agreement by special resolution at a meeting called for the purpose.

Variation by trustee

  (2)   The trustee, with the written consent of the debtor, may, in writing, propose a variation of a personal insolvency agreement.

  (3)   The trustee must give notice of the proposed variation to all the creditors who are entitled to receive notice of a meeting of creditors.

  (4)   The notice must:

  (a)   include a statement of the reasons for the variation and the likely impact it will have on creditors (if it takes effect); and

  (b)   specify a date (at least 14 days after the notice is given) from which it is proposed that the variation will take effect; and

  (c)   state that any creditor may, by written notice to the trustee at least 2 days before the specified date, object to the variation taking effect without there being a meeting of creditors.

  (5)   If no creditor lodges a written notice of objection with the trustee at least 2 days before the specified date, then the proposed variation takes effect on the date specified in the notice.

  (6)   A certificate signed by the trustee stating any matter relating to a proposed variation under subsection   (2) is prima facie evidence of the matter.

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