Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For paragraph 185C (2D) (b) and subsection 185E (1) of the Act, the following information is prescribed:
(a) information about alternatives to entering into a debt agreement;
(b) information about the consequences of making a debt agreement proposa l;
(c) information about sources of financial advice and guidance to persons facing or contemplating entering into a debt agreement;
(d) a statement that it is an act of bankruptcy for a debtor to give to the Official Receiver a debt agreement proposal.
(2) The information must be factual and objective.
(3) The Official Receiver must not accept a debtor's debt agreement proposal under Division 2 of Part IX of the Act, unless the debtor has given to the Official Receiver a signed acknowledgment that the debtor has received and read the prescribed information.
(4) If the debtor present s a debt agreement proposal without having given the acknowledgement, the Official Receiver must:
(a) if the debtor presents the debt agreement proposal in person -- give the prescribed information to the debtor; or
(b) if the debtor presents the debt agreement proposal by post -- post the prescribed information to the debtor.
(5) Subject to subregulation (6), a debt agreement proposal and acknowledgement may be signed by a person for a debtor intending to present a debt agreement proposal if the debtor is unable to properly read the debt agreement proposal, prescribed information and acknowledgement ('the relevant material') because he or she is:
(a) blind, partially sighted, illiterate or partially literate; or
(b) insufficiently familiar with the English language.
(6) A person who signs a debt agreement proposal and acknowledgement for a debtor, must sign a statement:
(a) where paragraph (5) (a) applies -- that he or she has carefully read the relevant material to the debtor; or
(b) where paragraph (5) (b) applies -- that he or she has carefully interpreted the relevant material to the debtor in a language with which both are familiar.