Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where a personal insolvency agreement is not executed, as required by section 216, by the registered trustee, or a registered trustee, nominated in a resolution of a meeting of creditors under section 204 to be the trustee, or a trustee, as the case requires, of the agreement, a meeting of creditors called for the purpose by any creditor or the debtor may, by resolution, nominate any other registered trustee in the place of that registered trustee.
(2) If the agreement is not executed by the registered trustee so nominated within 7 days from the date on which the resolution was passed or within such further period as the Court, on application made before the expiration of that period of 7 days, allows, the Court may, upon application by a creditor, nominate any registered trustee who is prepared to accept the office to be trustee in the place of the registered trustee who did not execute the agreement as required by section 216.
(3) A registered trustee so nominated by the Court shall execute the agreement within 7 days from the date on which the trustee was so nominated or within such further period as the Court, on application made before the expiration of that period of 7 days, allows.