BANKRUPTCY ACT 1966 - SECT 204 Resolution for personal insolvency agreement
BANKRUPTCY ACT 1966 - SECT 204
Resolution for personal insolvency agreement(1) The creditors may, at a meeting called in pursuance of an authority under section 188, by special resolution:
(a) where the debtor's property is subject to control under this Division, resolve that the debtor's property be no longer subject to control under this Division;
(b) require the debtor to execute a personal insolvency agreement; or
(d) require the debtor to present a debtor's petition within 7 days from the day on which the resolution was passed.
(2) A special resolution requiring a debtor to execute a personal insolvency agreement must specify the provisions to be included in the agreement.
(3) If a special resolution requiring the debtor to execute a personal insolvency agreement has been passed, the creditors must, by resolution, nominate a trustee or trustees to be trustee or trustees of the agreement.
(5) The creditors may, in nominating a trustee or trustees for the purposes of subsection (3):
(a) nominate 2 or more trustees to hold the office of trustee jointly, or jointly and severally; and
(b) nominate trustees to be trustees of the personal insolvency agreement in succession in the event of one or more of the trustees nominated declining to act or ceasing for any reason to hold the office of trustee.
(6) Property of the debtor that vests in 2 or more trustees of a personal insolvency agreement, whether nominated to hold the office jointly, or jointly and severally, vests in those trustees as joint tenants.