Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Part, unless the contrary intention appears:
"controlling trustee" , in relation to a debtor whose property is subject to control under Division 2, means the person who is the controlling trustee under section 188 or 192.
"debtor" means a person who is insolvent.
"divisible property" , in relation to a personal insolvency agreement executed by a debtor, means the property, other than property that was acquired by, or devolved on, the debtor on or after the day on which he or she executed the agreement, that would be divisible amongst his or her creditors under Part VI if he or she had become a bankrupt on that day.
(1A) Without limiting the definition of debtor in subsection (1), a reference in this Part to a debtor shall, unless the contrary intention appears, be read as including a reference to a person who is for the time being insolvent, even if the person may ultimately cease to be insolvent.
(2) In this Part, a reference, in relation to a personal insolvency agreement, to a provable debt shall be read as a reference to a debt or liability that would have been a provable debt in the debtor's bankruptcy if the debtor had become a bankrupt on the day on which he or she executed the personal insolvency agreement.