BANKRUPTCY ACT 1966 - SECT 185E Accepting a debt agreement proposal for processing

BANKRUPTCY ACT 1966 - SECT 185E

  (2)   If a debtor gives the Official Receiver a debt agreement proposal, the Official Receiver may accept the proposal for processing if:

  (a)   the Official Receiver is satisfied that subsections   185C(2), (2AA), (2AC), (2A), (2B), (2D), (2DA), (2E) and (4) have been complied with; and

  (c)   if the debt agreement proposal is expressed to be subject to the occurrence of a specified event within a specified period after the debt agreement proposal is accepted--the Official Receiver is satisfied that subsection   185C(2F) has been complied with; and

  (d)   if the proposal provides for the remuneration of the person specified under paragraph   185C(2)(c)--the Official Receiver is satisfied that subsection   185C(3A) has been complied with; and

  (e)   the Official Receiver is satisfied that the statement of affairs accompanying the proposal is in order.

  (2AA)   The Official Receiver must not accept a debt agreement proposal for processing unless the proposal was given to the Official Receiver within 14 days after the day on which the debtor signed the proposal.

  (2AB)   The Official Receiver may refuse to accept a debt agreement proposal for processing if the Official Receiver reasonably believes that complying with the agreement would cause undue hardship to the debtor.

  (3)   The Official Receiver must not accept a debt agreement proposal for processing if the Official Receiver thinks that the creditors' interests would be better served by not accepting the proposal for processing.

  (4)   A debtor who gives the Official Receiver a debt agreement proposal may apply to the Administrative Appeals Tribunal for review of the Official Receiver's decision on whether to accept the proposal for processing.

  (5)   If the Official Receiver accepts a debt agreement proposal for processing, the Official Receiver must process the proposal in accordance with section   185EA.