Document ID: chunk:federal_register_of_legislation:C2007A00044:clause:2_185pd
Version: federal_register_of_legislation:C2007A00044
Segment Type: clause
Provision Reference: sch 2 cl 185PD
Character Range: 66348–67721

185PD  Withdrawal of proposal to terminate a debt agreement

Scope

 (1) This section applies if:
 (a) a proposal to terminate a debt agreement is given under section 185P; and
 (b) the applicable deadline has not arrived; and
 (c) the proposal has not been accepted.

Withdrawal of proposal

 (2) If:
 (a) the Official Receiver becomes aware that the relevant subsection 185P(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or
 (b) the Official Receiver becomes aware of a material change in circumstances that:
 (i) was not foreshadowed in the relevant subsection 185P(1B) statement; and
 (ii) in the opinion of the Official Receiver, is capable of affecting an affected creditor's decision whether or not to accept the proposal;
the Official Receiver may declare in writing that the proposal is withdrawn.

Notification of withdrawal

 (3) If the Official Receiver makes a declaration under subsection (2), the Official Receiver must give written notice of the declaration, and the reasons for it, to:
 (a) the debtor; and
 (b) affected creditors who are known to the Official Receiver.

Review

 (4) If the Official Receiver decides to make a declaration under subsection (2), the debtor or an affected creditor may apply to the Administrative Appeals Tribunal for review of the decision.