Document ID: chunk:federal_register_of_legislation:C2025C00167:section:185m:p2
Version: federal_register_of_legislation:C2025C00167
Segment Type: section
Provision Reference: s 185M (pt 2/2)
Character Range: 593942–595567

having regard to:
 (a) the circumstances in existence at the time the administrator signs the certificate; and
 (b) any other relevant matters;
the administrator has reasonable grounds to believe that the debtor is likely to be able to discharge the obligations created by the agreement (as proposed to be varied) as and when they fall due.

Processing a proposal to vary a debt agreement
 (2) The Official Receiver must process the proposal in accordance with section 185MA if the Official Receiver is satisfied that subsections (1A), (1B), (1D), (1E) and (1F) of this section have been complied with.
 (2A) However, the Official Receiver is not required by subsection (2) to process the proposal if:
 (a) the Official Receiver reasonably believes that complying with the agreement (as proposed to be varied) would cause undue hardship to the debtor; or
 (b) the Official Receiver thinks that the creditors' interests would be better served by not processing the proposal.
 (2B) If the Official Receiver decides not to process the proposal because of subsection (2A), the Official Receiver must give written notice of the decision, and the reasons for it, to:
 (a) the debtor; and
 (b) affected creditors who are known to the Official Receiver.
 (2C) If the Official Receiver decides not to process the proposal because of subsection (2A), the debtor or an affected creditor may apply to the Administrative Review Tribunal for review of the decision.

Varying the agreement
 (3) If the proposal is accepted, the agreement is varied in the way set out in the proposal.
Note: Section 185MC explains how a proposal is accepted.