Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185

                   In this Part, unless the contrary intention appears:

"account-freezing notice" means a notice under subsection 186LB(2).

"affected creditor" means:

                     (a)  in relation to a proposal to vary or terminate a debt agreement--a creditor who is a party (as creditor) to the agreement; or

                     (b)  in relation to a debt agreement proposal--a creditor who would be a party to the proposed debt agreement if it were made.

"applicable deadline" :

                     (a)  in relation to a debt agreement proposal, means:

                              (i)  if Official Receiver accepted the proposal for processing in December--the end of the 42nd day after the acceptance; or

                             (ii)  otherwise--the end of the 35th day after the Official Receiver accepted the proposal for processing; or

                     (b)  in relation to a proposal to vary a debt agreement, means:

                              (i)  if the proposal was given to the Official Receiver in December--the end of the 42nd day after the proposal was given; or

                             (ii)  otherwise--the end of the 35th day after the proposal was given to the Official Receiver; or

                     (c)  in relation to a proposal to terminate a debt agreement, means:

                              (i)  if the proposal was given to the Official Receiver in December--the end of the 21st day after the proposal was given; or

                             (ii)  otherwise--the end of the 14th day after the proposal was given to the Official Receiver.

"bank" means an ADI or any other bank.

"basic eligibility test" has the meaning given by section 186A.

"debt agreement activities" of a company means the activities of the company in connection with:

                     (a)  debt agreement proposals for which the company is to be the administrator; and

                     (b)  debt agreements for which the company is the administrator.

designated 6-month arrears default has the meaning given by subsection 185LC(3).

"externally-administered body corporate" has the same meaning as in the Corporations Act 2001 .

"frozen debt" means a debt that:

                     (a)  is owed by a debtor who has given a debt agreement proposal that has been accepted by the Official Receiver for processing; and

                     (b)  would be a provable debt in relation to the proposed debt agreement if it were made;

but does not include a debt arising under a maintenance agreement or maintenance order (whenever entered into or made).

"insolvent under administration" has the same meaning as in the Corporations Act 2001 .

"provable debt" , in relation to a debt agreement, means a debt that would have been provable in bankruptcy if the debtor had become a bankrupt when the acceptance of the relevant debt agreement proposal for processing was recorded in the National Personal Insolvency Index.

"registered debt agreement administrator" means a person who is registered under section 186D as a debt agreement administrator.

"working day" means a day that is not:

                     (a)  a Saturday or a Sunday; or

                     (b)  a public holiday in any place in Australia.