Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185H

  (1)   This section sets out the 2 situations in which a debt agreement is made.

Unconditional debt agreement proposals

  (2)   If:

  (a)   a debt agreement proposal is accepted; and

  (b)   the proposal is not expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted;

then:

  (c)   the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and

  (d)   the debt agreement is made in the terms of the proposal when those details are so entered.

Note:   Section   185EC explains how a proposal is accepted.

Conditional debt agreement proposals

  (3)   If:

  (a)   a debt agreement proposal is accepted; and

  (b)   the proposal is expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted; and

  (c)   the event occurs within that period;

then:

  (d)   the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and

  (e)   the debt agreement is made in the terms of the proposal when those details are so entered.

Note:   Section   185EC explains how a proposal is accepted.