Document ID: chunk:federal_register_of_legislation:C2007A00044:clause:2_19
Version: federal_register_of_legislation:C2007A00044
Segment Type: clause
Provision Reference: sch 2 cl 19
Character Range: 32662–34214

19  At the end of subsection 185C(2)
Add:
 ; and (d) provide that:
 (i) all provable debts in relation to the agreement rank equally; and
 (ii) if the total amount paid by the debtor under the agreement in respect of those provable debts is insufficient to meet those provable debts in full, those provable debts are to be paid proportionately; and
 (e) provide that a creditor is not entitled to receive, in respect of a provable debt, more than the amount of the debt; and
 (f) provide that the amount of a provable debt in relation to the agreement is to be ascertained as at the time when the acceptance of the proposal for processing is recorded on the National Personal Insolvency Index; and
 (g) if a creditor is a secured creditor—provide that, if the creditor does not realise the creditor's security while the agreement is in force, the creditor is taken, for the purposes of working out the amount payable to the creditor under the agreement, to be a creditor only to the extent (if any) by which the amount of the provable debt exceeds the value of the creditor's security; and
 (h) if a creditor is a secured creditor—provide that, if the creditor realises the creditor's security while the agreement is in force, the creditor is taken, for the purposes of working out the amount payable to the creditor under the agreement, to be a creditor only to the extent of any balance due to the creditor after deducting the net amount realised; and
 (i) be signed by the debtor; and
 (j) specify the date on which the debtor signed the proposal.