Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185E

             (1)  If the person specified under paragraph 185C(2)(c) is the debtor, the Official Receiver must, before accepting the debt agreement proposal for processing, give the debtor the information prescribed by the regulations.

             (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), (2A), (2B), (2E) and (4) have been complied with; and

                     (b)  if the person specified under paragraph 185C(2)(c) is not the debtor--the Official Receiver is satisfied that subsection 185C(2D) has 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.

          (2A)  If the person specified under paragraph 185C(2)(c) is not:

                     (a)  a registered debt agreement administrator; or

                     (b)  a registered trustee;

the Official Receiver must not accept the debt agreement proposal unless the Official Receiver is satisfied that the person passes the basic eligibility test.

          (2B)  If the person specified under paragraph 185C(2)(c) is not the debtor, the Official Receiver must not accept the debt agreement proposal for processing unless:

                     (a)  the person is a registered debt agreement administrator; or

                     (b)  the person is a registered trustee; or

                     (c)  both:

                              (i)  the person is the administrator of not more than 5 debt agreements; and

                             (ii)  no declaration is in force in relation to the person under section 186M.

          (2C)  If:

                     (a)  the person specified under paragraph 185C(2)(c) in relation to a debt agreement proposal (the first debt agreement proposal ) is not:

                              (i)  a registered debt agreement administrator; or

                             (ii)  a registered trustee; and

                     (b)  the person is specified under that paragraph in relation to one or more other debt agreement proposals;

the Official Receiver must not accept the first debt agreement proposal for processing if the person would become the administrator of more than 5 debt agreements if it were assumed that:

                     (c)  the first debt agreement proposal is accepted; and

                     (d)  those other debt agreement proposals are accepted.

             (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.