Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 185LC

Administrator to notify Official Receiver of a designated 6 - month arrears default by a debtor

  (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.


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