Document ID: chunk:federal_register_of_legislation:C2025C00167:section:185c:p2
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 185C (pt 2/5)
Character Range: 557288–560035

3 years beginning on the day the agreement is made; or
 (b) if subsection (2AB) applies to the debtor—5 years beginning on the day the agreement is made.
Note: Section 185H deals with when a debt agreement is made.
 (2AB) This subsection applies to the debtor if at the time the debtor gives the debt agreement proposal to the Official Receiver the debtor has an interest in real property in Australia that is a dwelling and is the debtor's principal place of residence, being an interest:
 (a) that is an interest under a long‑term lease; or
 (b) that is any other legal or equitable estate or interest, except:
 (i) an interest under a lease (other than a long‑term lease); or
 (ii) an interest under a licence; or
 (iii) a life interest; or
 (iv) an interest in an easement; or
 (v) an interest held on trust for another person; or
 (vi) an interest of a kind determined in an instrument under subsection (2AD) for the purposes of this subparagraph.
 (2AC) If, in accordance with subsections (2AA) and (2AB), a debt agreement proposal provides for the debtor to make payments under the agreement, in respect of provable debts in relation to the agreement, after 3, but not after 5, years beginning on the day the agreement is made, the property identified under paragraph (2)(a) must not include any interest covered by subsection (2AB).
 (2AD) The Minister may, by legislative instrument, determine a kind of interest for the purposes of subparagraph (2AB)(b)(vi).
 (2A) A debt agreement proposal must not provide for the transfer of property (other than money) to a creditor.
 (2B) A debt agreement proposal given to the Official Receiver must be accompanied by an explanatory statement in the approved form containing such information as the form requires.
 (2C) The debtor's subsection (2B) statement may be set out in the same document as the debtor's debt agreement proposal.
 (2D) The debt agreement proposal given to the Official Receiver must be accompanied by a certificate signed by the proposed administrator:
 (a) stating that the proposed administrator consents to being specified under paragraph (2)(c); and
 (b) stating that the proposed administrator has given the debtor the information prescribed by the regulations; and
 (c) if subsection (4C) does not apply to the debtor—stating that, having regard to:
 (i) the circumstances in existence at the time when the debtor's statement of affairs was signed by the debtor; and
 (ii) any other relevant matters;
  the proposed administrator has reasonable grounds to believe that the debtor is likely to be able to discharge the obligations created by the agreement as and when they fall due; and
 (d) stating that the proposed administrator has reasonable grounds to believe that