Commonwealth Numbered Regulations

BANKRUPTCY AMENDMENT REGULATIONS 2007 (NO. 2) (SLI NO 138 OF 2007) - SCHEDULE 2

(regulation 3)

[1]           Subregulation 4.11 (1)

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, 57 (3A) and 185E (1)

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and 57 (3A)

[2]           Paragraph 4.11 (1) (e)

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                (e)    a statement that it is an act of bankruptcy for a debtor to present to the Official Receiver, under section 54A of the Act, a declaration of intention to present a debtor's petition.

[3]           Subregulation 4.11 (3)

substitute

         (3)   The Official Receiver must not accept a debtor's petition under section 55, 56B or 57 of the Act unless the debtor has given to the Official Receiver a signed acknowledgement (which may be included in or appended to the petition) that the debtor has received and read the prescribed information.

[4]           Part 6, Divisio n 3

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[5]           Regulations 9.01 to 9.07

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[6]           Regulation 9.08

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[7]           Before regulation 9.02

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9.01         Prescribed information to be supplied to the debtor

         (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.

[8]           Regulation 15A.01, after definition of penalty

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trustee includes a debt agreement administrator.

[9]           Schedule 5

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[10]         Schedule 8, item 23D

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