Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185H

             (1)  This section sets out the 2 situations in which a debt agreement is made.

Unconditional debt agreement proposals

             (2)  If:

                     (a)  a debt agreement proposal is accepted; and

                     (b)  the proposal is not expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted;

then:

                     (c)  the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and

                     (d)  the debt agreement is made in the terms of the proposal when those details are so entered.

Note:          Section 185EC explains how a proposal is accepted.

Conditional debt agreement proposals

             (3)  If:

                     (a)  a debt agreement proposal is accepted; and

                     (b)  the proposal is expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted; and

                     (c)  the event occurs within that period;

then:

                     (d)  the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and

                     (e)  the debt agreement is made in the terms of the proposal when those details are so entered.

Note:          Section 185EC explains how a proposal is accepted.