(1) This Act applies to creditors only in respect of farm debts.
(2) This Act does not apply to—
(a) a farmer whose property is subject to control under Division 2 of Part X of the Bankruptcy Act 1966 of the Commonwealth; or
(b) a farmer whose property is the subject of a bankruptcy petition presented by any person; or
(c) a farmer, being a corporation, that is an externally-administered corporation within the meaning of the Corporations Act.