185EAccepting a debt agreement proposal for processing

185E  Accepting a debt agreement proposal for processing  (2) If a debtor gives the Official Receiver a debt agreement proposal, the Official Receiver may accept the proposal for processing if:  (a) the Official Receiver is satisfied that subsections 185C(2), (2AA), (2AC), (2A), (2B), (2D), (2DA), (2E) and (4) have been complied with; and  (c) if the debt agreement proposal is expressed to be subject to the occurrence of a specified event within a specified period after the debt agreement proposal is accepted—the Official Receiver is satisfied that subsection 185C(2F) has been complied with; and  (d) if the proposal provides for the remuneration of the person specified under paragraph 185C(2)(c)—the Official Receiver is satisfied that subsection 185C(3A) has been complied with; and  (e) the Official Receiver is satisfied that the statement of affairs accompanying the proposal is in order.  (2AA) The Official Receiver must not accept a debt agreement proposal for processing unless the proposal was given to the Official Receiver within 14 days after the day on which the debtor signed the proposal.  (2AB) The Official Receiver may refuse to accept a debt agreement proposal for processing if the Official Receiver reasonably believes that complying with the agreement would cause undue hardship to the debtor.  (3) The Official Receiver must not accept a debt agreement proposal for processing if the Official Receiver thinks that the creditors’ interests would be better served by not accepting the proposal for processing.  (4) A debtor who gives the Official Receiver a debt agreement proposal may apply to the Administrative Review Tribunal for review of the Official Receiver’s decision on whether to accept the proposal for processing.  (5) If the Official Receiver accepts a debt agreement proposal for processing, the Official Receiver must process the proposal in accordance with section 185EA. 185EA  Processing of debt agreement proposal  (1) If the Official Receiver is required by subsection 185E(5) to process a debt agreement proposal, the Official Receiver must write to each of the affected creditors who is known to the Official Receiver, asking each affected creditor to indicate whether the proposal should be accepted.  (2) When writing to each affected creditor under subsection (1) about a debt agreement proposal, the Official Receiver must:  (i) the debt agreement proposal; and  (ii) the debtor’s subsection 185C(2B) statement; and  (iii) the certificate under subsection 185C(2D), and any certificate under paragraph 185C(4C)(b), that accompanied the debt agreement proposal; and  (b) ask the creditor to give a written statement setting out whether or not the debt agreement proposal should be accepted; and  (c) inform the creditor of the person to whom the statement should be given and of the need to give the statement before the applicable deadline.  (a) is the proposed administrator; or  (b) was, on becoming an affected creditor, a related entity of the proposed administrator. 185EB  Inspection of creditor’s statement   If an affected creditor gives a paragraph 185EA(2)(b) statement: 185EC  Acceptance of a debt agreement proposal  (1) A debt agreement proposal is accepted if:  (a) the Official Receiver writes to affected creditors of a debtor under section 185EA; and  (b) a majority in value of the creditors who reply before the applicable deadline state that the proposal should be accepted.  (a) is the proposed administrator; or  (b) was, on becoming an affected creditor, a related entity of the proposed administrator.  (2) A debt agreement proposal that is accepted under subsection (1) is taken to be accepted at the applicable deadline.  (3) In assessing, for the purposes of paragraph (1)(b), the value of a creditor who is a related entity of the debtor, any debt that was assigned to the creditor is taken to have a value equal to the value of the consideration that the creditor gave for the assignment.  (4) For the purposes of paragraph (1)(b), the value of a creditor is to be assessed as at the time when the acceptance of the debt agreement proposal for processing was recorded on the National Personal Insolvency Index.  (5) For the purposes of paragraph (1)(b), a secured creditor is taken to be a creditor only to the extent (if any) by which the amount of the debt owing to the creditor exceeds the value of the creditor’s security.  (a) the person is the proposed administrator in relation to a debt agreement proposal; and  (c) the person does so with the intention of securing the affected creditor’s acceptance or non‑acceptance of the proposal. 185ED  Cancellation of acceptance of debt agreement proposal for processing  (a) the Official Receiver has accepted a debt agreement proposal for processing; and  (b) the applicable deadline has not arrived. Cancellation  (2) The Official Receiver may cancel the acceptance of the debt agreement proposal for processing if:  (a) the Official Receiver becomes aware that one or more affected creditors were not disclosed in the debtor’s statement of affairs; or  (b) the Official Receiver becomes aware that:  (i) the debtor’s statement of affairs; or  (ii) the debtor’s subsection 185C(2B) statement;   was deficient because it omitted a material particular or because it was incorrect in a material particular; or  (c) the Official Receiver becomes aware of a material change in the debtor’s circumstances that:  (i) was not foreshadowed in the debtor’s subsection 185C(2B) statement or the debtor’s statement of affairs; 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; or  (d) the Official Receiver becomes aware of a matter that, if it had been known to the Official Receiver at the time of acceptance of the debt agreement proposal for processing, would have resulted in a refusal of acceptance on the grounds that subsection 185C(4) had not been complied with. Notification of cancellation  (3) If the Official Receiver cancels the acceptance of a debt agreement proposal for processing, the Official Receiver must give written notice of the cancellation, and the reasons for it, to:  (4) If the Official Receiver decides to cancel the acceptance of a debt agreement proposal for processing, the debtor may apply to the Administrative Review Tribunal for review of the decision.