Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185MD

Scope

  (1)   This section applies if:

  (a)   a proposal to vary a debt agreement is given under section   185M; and

  (b)   the applicable deadline has not arrived; and

  (c)   the proposal has not been accepted.

Withdrawal of proposal

  (2)   If:

  (a)   the Official Receiver becomes aware that the relevant subsection   185M(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or

  (b)   the Official Receiver becomes aware of a material change in circumstances that:

  (i)   was not foreshadowed in the relevant subsection   185M(1B) statement; and

  (ii)   in the opinion of the Official Receiver, is capable of affecting an affected creditor's decision whether or not to accept the proposal;

the Official Receiver may declare in writing that the proposal is withdrawn.

Notification of withdrawal

  (3)   If the Official Receiver makes a declaration under subsection   (2), the Official Receiver must give written notice of the declaration, and the reasons for it, to:

  (a)   the debtor; and

  (b)   affected creditors who are known to the Official Receiver.

Review

  (4)   If the Official Receiver decides to make a declaration under subsection   (2), the debtor or an affected creditor may apply to the Administrative Review Tribunal for review of the decision.