Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The creditors may, by resolution at a meeting called for the purpose, terminate a personal insolvency agreement if:
(a) the debtor is in default; and
(b) before the passage of the resolution, the trustee of the agreement tabled at the meeting a written declaration to the effect that the trustee is satisfied that the debtor is in default.
(2) The creditors may, by special resolution at a meeting called for the purpose, terminate the personal insolvency agreement if:
(a) property of the debtor is covered by a restraining order or a forfeiture order; or
(b) a pecuniary penalty order made against the debtor is in force.
(3) However:
(a) paragraph (2)(a) does not apply if, when the personal insolvency agreement was made, the restraining order or forfeiture order already covered the property in question; and
(b) paragraph (2)(b) does not apply if, when the personal insolvency agreement was made, the pecuniary penalty order was already in force against the debtor.
(4) For the purposes of this section, the debtor is in default if, and only if:
(a) the debtor has failed to carry out or comply with a term of the personal insolvency agreement; or
(b) if the debtor has died--the debtor or the person administering the estate of the debtor has failed to carry out or comply with a term of the agreement.