Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185M

Proposing to vary a debt agreement

             (1)  A debtor or creditor who is a party to a debt agreement may give the Official Receiver a written proposal to vary the agreement.

          (1A)  The proposal must be in the approved form.

          (1B)  The proposal must be accompanied by an explanatory statement in the approved form containing such information as the form requires.

          (1C)  The subsection (1B) statement may be set out in the same document as the proposal.

Processing a proposal to vary a debt agreement

             (2)  The Official Receiver must process the proposal in accordance with section 185MA if the Official Receiver is satisfied that subsections (1A) and (1B) of this section have been complied with.

Varying the agreement

             (3)  If the proposal is accepted, the agreement is varied in the way set out in the proposal.

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