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Bankruptcy Amendment Regulations 2007 (No. 2)

Authoritative Version
  • - F2007L01540
  • No longer in force
SLI 2007 No. 138 Regulations as made
These Regulations amend the Bankruptcy Regulations 1996 to facilitate the operation of amendments made to the Bankruptcy Act 1966 by the Bankruptcy Legislation Amendment (Debt Agreements) Act 2007, the Bankruptcy (Estate Charges) Amendment Act 2007 and the Superannuation Legislation Amendment (Simplification) Act 2007.
Administered by: Attorney-General's
Registered 13 Jun 2007
Tabling HistoryDate
Tabled HR14-Jun-2007
Tabled Senate14-Jun-2007
Date of repeal 09 Apr 2013
Repealed by Attorney-General's (Spent and Redundant Instruments) Repeal Regulation 2013

Bankruptcy Amendment Regulations 2007 (No. 2)1

Select Legislative Instrument 2007 No. 138

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Bankruptcy Act 1966.

Dated 7 June 2007

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

PHILIP RUDDOCK


Contents

                        1     Name of Regulations                                                        2

                        2     Commencement                                                              2

                        3     Amendment of Bankruptcy Regulations 1996                     2

                        4     Transitional                                                                     2

Schedule 1             Amendments commencing on day after registration     3

Schedule 2             Amendments commencing on 1 July 2007                    7

 

 


 

1              Name of Regulations

                These Regulations are the Bankruptcy Amendment Regulations 2007 (No. 2).

2              Commencement

                These Regulations commence as follows:

                (a)    on the day after they are registered — regulations 1 to 4 and Schedule 1;

               (b)    on 1 July 2007 — Schedule 2.

3              Amendment of Bankruptcy Regulations 1996

                Schedules 1 and 2 amend the Bankruptcy Regulations 1996.

4              Transitional

                Despite the repeal by these Regulations of regulations 9.01 to 9.07 and Schedule 5 of the Bankruptcy Regulations 1996, those regulations and Schedule continue to have effect in relation to a debt agreement made as a result of the acceptance of a debt agreement proposal given to the Official Receiver before 1 July 2007.


Schedule 1        Amendments commencing on day after registration

(regulation 3)

  

[1]           After regulation 9.07

insert

9.08        Qualifications of applicants

                For paragraph 186C (2) (e) of the Act, the following qualifications are prescribed after 30 June 2009:

                (a)    a Certificate IV in Financial Services (Accounting) from an Australian college of advanced education;

               (b)    a degree, diploma or similar qualification from an Australian university or college of advanced education, or other Australian tertiary institution, of an equivalent or higher level to the qualification mentioned in paragraph (a).

[2]           Schedule 8, items 21 and 22

substitute

 

21

Part IX

 

debt agreement proposal

 

debt agreement proposal, explanatory statement and statement of affairs

debtor

not applicable

·    date that acceptance of proposal for processing and name and address of debt agreement processor are entered in the Index

·    particulars of debtor

·    particulars of whether proposal accepted or rejected following processing

·    date that a proposal lapses (if at all)

·    date of withdrawal or cancellation of proposal

22

Part IX

 

debt agreements

debt agreement

 

notification of completion or termination of the debt agreement

 

notification of a designated

6‑month arrears default

notification of completion:

the debt agreement administrator

 

notification of 6‑month arrears default: the debt agreement administrator

notification of completion: 5 working days after end of debt agreement

 

notification of 6‑month arrears default: 10 working days after occurrence of designated 6‑month arrears default

·    particulars of debtor (if different from particulars
in debt agreement proposal)

·    date that making of debt agreement entered in the Index

·    date at end or termination of debt agreement

·    particulars of reason for debt agreement termination or end

[3]           Schedule 8, after item 23

insert

 

23A

Section 186B

 

Application for registration as a debt agreement administrator

application

Inspector‑General

not applicable

·    date of application

·    particulars of applicant

23B

Section 186D

 

Registration as a debt agreement administrator

application

 

approval or refusal of registration application under section 186C (including any conditions specified for subsection 186C (9)).

Inspector‑General

not applicable

·    particulars of applicant

·    details of the approval or refusal (including specified conditions applying to the debt agreement administrator on registration)

23C

Section 186F

 

Conditions of registration

notice of imposition of conditions

Inspector‑General

not applicable

·    particulars of conditions imposed on debt agreement administrator’s registration

23D

Sections 186J, 186K and 186L

 

Debt agreement administrator registration ceases

approval of registration

 

notice of request to accept surrender of registration (section 186J)

 

notice of cancellation of registration (section 186K or 186L)

Inspector‑General

not applicable

·    date debt agreement administrator registration ceases

·    particulars of reason for end of registration

Schedule 2        Amendments commencing on 1 July 2007

(regulation 3)

[1]           Subregulation 4.11 (1)

omit

, 57 (3A) and 185E (1)

substitute

and 57 (3A)

[2]           Paragraph 4.11 (1) (e)

substitute

                (e)    a statement that it is an act of bankruptcy for a debtor to present to the Official Receiver, under section 54A of the Act, a declaration of intention to present a debtor’s petition.

[3]           Subregulation 4.11 (3)

substitute

         (3)   The Official Receiver must not accept a debtor’s petition under section 55, 56B or 57 of the Act unless the debtor has given to the Official Receiver a signed acknowledgement (which may be included in or appended to the petition) that the debtor has received and read the prescribed information.

[4]           Part 6, Division 3

omit

[5]           Regulations 9.01 to 9.07

omit

[6]           Regulation 9.08

renumber as regulation 9.02

[7]           Before regulation 9.02

insert

9.01        Prescribed information to be supplied to the debtor

         (1)   For paragraph 185C (2D) (b) and subsection 185E (1) of the Act, the following information is prescribed:

                (a)    information about alternatives to entering into a debt agreement;

               (b)    information about the consequences of making a debt agreement proposal;

                (c)    information about sources of financial advice and guidance to persons facing or contemplating entering into a debt agreement;

               (d)    a statement that it is an act of bankruptcy for a debtor to give to the Official Receiver a debt agreement proposal.

         (2)   The information must be factual and objective.

         (3)   The Official Receiver must not accept a debtor’s debt agreement proposal under Division 2 of Part IX of the Act, unless the debtor has given to the Official Receiver a signed acknowledgment that the debtor has received and read the prescribed information.

         (4)   If the debtor presents a debt agreement proposal without having given the acknowledgement, the Official Receiver must:

                (a)    if the debtor presents the debt agreement proposal in person — give the prescribed information to the debtor; or

               (b)    if the debtor presents the debt agreement proposal by post — post the prescribed information to the debtor.

         (5)   Subject to subregulation (6), a debt agreement proposal and acknowledgement may be signed by a person for a debtor intending to present a debt agreement proposal if the debtor is unable to properly read the debt agreement proposal, prescribed information and acknowledgement (‘the relevant material’) because he or she is:

                (a)    blind, partially sighted, illiterate or partially literate; or

               (b)    insufficiently familiar with the English language.

         (6)   A person who signs a debt agreement proposal and acknowledgement for a debtor, must sign a statement:

                (a)    where paragraph (5) (a) applies — that he or she has carefully read the relevant material to the debtor; or

               (b)    where paragraph (5) (b) applies — that he or she has carefully interpreted the relevant material to the debtor in a language with which both are familiar.

[8]           Regulation 15A.01, after definition of penalty

insert

trustee includes a debt agreement administrator.

[9]           Schedule 5

omit

[10]         Schedule 8, item 23D

substitute

 

23D

Sections 185ZCA, 186J, 186K and 186L

 

Debt agreement administrator registration ceases

approval of registration

 

notice of request to accept surrender of registration (section 186J)

 

notice of cancellation of registration (section 186K or 186L)

Inspector‑General

not applicable

·    date debt agreement administrator registration ceases

·    particulars of reason for end of registration


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.