Second Reading Speeches

Bankruptcy Legislation Amendment (Debt Agreements) Bill 2007

Type
Government
Portfolio
Attorney-General
Originating house
House of Representatives
Status
Act
Parliament no
41

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Summary

Amends the

Bankruptcy Act 1966
in relation to the operation of debt agreements under Part IX by providing for: the registration of administrators; proportional payments under an agreement to administrators and creditors; debtors’ proposals to be accepted by a majority in value of creditors; mechanisms to deal with defaulting debtors; and clarifying the operation of the Act in relation to: deregistered administrators; debts covered by an agreement; treatment of secured creditors; and investigative powers of the Inspector-General in Bankruptcy.