Commonwealth Consolidated Acts

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Procedures for dealing with proposals to terminate debt agreements

Processing of proposals by the Official Receiver

  (1)   If the Official Receiver is required by subsection   185P(2) to process a proposal to terminate a debt agreement, the Official Receiver must write to each of the affected creditors who is known to the Official Receiver, asking each affected creditor to indicate whether the proposal should be accepted.

Writing to creditors to deal with a proposal

  (2)   When writing to each affected creditor under subsection   (1) about a proposal to terminate a debt agreement, the Official Receiver must:

  (a)   provide the creditor with a copy of:

  (i)   the proposal; and

  (ii)   the relevant subsection   185P(1B) statement; and

  (b)   ask the creditor to give a written statement setting out whether or not the proposal should be accepted; and

  (c)   inform the creditor of the person to whom the statement should be given and of the need to give the statement before the applicable deadline.

  (3)   The paragraph   (2)(b) statement must be in the approved form.

  (4)   Paragraphs   (2)(b) and (c) do not apply in relation to an affected creditor who:

  (a)   is the administrator of the debt agreement; or

  (b)   was, on becoming an affected creditor, a related entity of the administrator.

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