Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185

    In this Part, unless the contrary intention appears:

"account-freezing notice" means a notice under subsection   186LB(2).

"adequate and appropriate fidelity insurance" has a meaning affected by section   185A.

"adequate and appropriate professional indemnity insurance" has a meaning affected by section   185A.

"affected creditor" means:

  (a)   in relation to a proposal to vary or terminate a debt agreement--a creditor who is a party (as creditor) to the agreement; or

  (b)   in relation to a debt agreement proposal--a creditor who would be a party to the proposed debt agreement if it were made.

"applicable deadline" :

  (a)   in relation to a debt agreement proposal, means:

  (i)   if Official Receiver accepted the proposal for processing in December--the end of the 42nd day after the acceptance; or

  (ii)   otherwise--the end of the 35th day after the Official Receiver accepted the proposal for processing; or

  (b)   in relation to a proposal to vary a debt agreement, means:

  (i)   if the proposal was given to the Official Receiver in December--the end of the 42nd day after the proposal was given; or

  (ii)   otherwise--the end of the 35th day after the proposal was given to the Official Receiver; or

  (c)   in relation to a proposal to terminate a debt agreement, means:

  (i)   if the proposal was given to the Official Receiver in December--the end of the 21st day after the proposal was given; or

  (ii)   otherwise--the end of the 14th day after the proposal was given to the Official Receiver.

"basic eligibility test" has the meaning given by section   186A.

"Chapter 5 body corporate" has the same meaning as in the Corporations Act 2001 .

"debt agreement activities" of a company means the activities of the company in connection with:

  (a)   debt agreement proposals for which the company is to be the administrator; and

  (b)   debt agreements for which the company is the administrator.

"designated 6-month arrears default" has the meaning given by subsection   185LC(3).

"frozen debt" means a debt that:

  (a)   is owed by a debtor who has given a debt agreement proposal that has been accepted by the Official Receiver for processing; and

  (b)   would be a provable debt in relation to the proposed debt agreement if it were made;

but does not include a debt arising under a maintenance agreement or maintenance order (whenever entered into or made).

"proposed administrator" , in relation to a debt agreement proposal, means the person specified under paragraph   185C(2)(c).

"provable debt" , in relation to a debt agreement, means a debt that would have been provable in bankruptcy if the debtor had become a bankrupt when the acceptance of the relevant debt agreement proposal for processing was recorded in the National Personal Insolvency Index.

"registered debt agreement administrator" means a person who is registered under section   186D as a debt agreement administrator.