185XNo stamp duty payable on a debt agreement

185X  No stamp duty payable on a debt agreement   Stamp duty under a State or Territory law is not payable on a debt agreement or a variation of a debt agreement. 185XA  Secured creditors   Nothing in this Division affects the right of a secured creditor to realise or otherwise deal with the creditor’s security. 185Y  Money received by administrator to be held on trust   If the administrator of a debt agreement receives money from the debtor under the agreement, the money is taken to have been received by the administrator on trust to be dealt with in the way specified in the debt agreement. 185Z  Remuneration of administrator  (1) The administrator of a debt agreement may be remunerated as provided in the agreement (see subsections 185C(3) and (3A)).  (2) Subsection (1) does not apply to the Official Trustee. Note: For the remuneration payable to the Official Trustee, see section 163. 185ZA  Notification of death of administrator  (1) If the administrator in relation to a debt agreement dies, the person (the affected person) administering the estate of the deceased person must, before the end of the period of 28 days beginning on the day the affected person started to administer the estate, give written notice of that death to the Official Receiver.  (2) Subsection (1) is an offence of strict liability. 185ZB  Official Trustee to replace an administrator who dies etc.  (1) If the administrator of a debt agreement dies, the Official Trustee becomes the replacement administrator of that debt agreement.  (a) a person who is the administrator of a debt agreement is registered under Division 8; and  (b) the person ceases to be so registered;  (c) the person ceases to be the administrator of that debt agreement; and  (d) the Official Trustee becomes the replacement administrator of that debt agreement.  (a) a person who is the administrator of a debt agreement is a registered trustee; and  (b) the person ceases to be a registered trustee;  (c) the person ceases to be the administrator of that debt agreement; and  (d) the Official Trustee becomes the replacement administrator of that debt agreement.  (5) If, under section 185ZCB, the Court removes the administrator of a debt agreement from office, the Official Trustee becomes the replacement administrator of that debt agreement.  (6) If, under subsection (1), (2), (3) or (5), the Official Trustee becomes the replacement administrator of a debt agreement, the Official Receiver must notify the parties to the debt agreement that:  (a) the Official Trustee is the replacement administrator until further notice; and  (b) (if applicable) the Official Receiver intends to appoint another person as the new administrator. 185ZC  Official Receiver may appoint a new administrator  (1) If the parties to a debt agreement have not already varied the agreement to appoint a new administrator, the Official Receiver may appoint another person to be the administrator of the agreement in place of the Official Trustee.  (2) An appointment must be in writing.  (3) The Official Receiver must give written notice of the appointment to the parties to the debt agreement.  (4) The Official Receiver cannot revoke an appointment under subsection (1).  (5) This section does not prevent the appointment of another person as administrator by variation of the debt agreement. 185ZCA  Court may order administrator to make good loss caused by breach of duty  (1) This section applies if, on application by:  (b) a creditor who is or has been a party to a debt agreement; the Court is satisfied that a person who is or has been an administrator of the debt agreement has committed a breach of duty in relation to the debt agreement.  (2) The Court may make any one or more of the following orders:  (a) an order directing the person to make good any loss that a creditor has sustained because of the person’s breach of duty;  (b) if the person is a registered debt agreement administrator—an order directing the Inspector‑General to cancel the person’s registration as a debt agreement administrator;  (c) any other order that the Court considers just and equitable in the circumstances. 185ZCB  Control of administrators by the Court   If a debt agreement is in force, the Court may, on the application of:  (b) the debtor; or inquire into the conduct of the administrator, and may do either or both of the following:  (d) remove the administrator from office;  (e) make such order as it thinks proper. 185ZD  Remuneration of administrator   A person who becomes the administrator in relation to a debt agreement under section 185ZC is entitled to so much of the remuneration (if any) provided for in the agreement as has not already been paid to the previous administrator, or any of the previous administrators. Division 8—Registration of debt agreement administrators etc. Subdivision A—Introduction 186A  Basic eligibility test Individuals  (1) For the purposes of this Division, an individual passes the basic eligibility test at a particular time (the test time) unless:  (a) at any time during the 10‑year period ending at the test time, the individual was an insolvent under administration; or  (b) at any time during the 10‑year period ending at the test time, the individual was convicted of an offence involving fraud or dishonesty; or  (c) at the test time, the individual is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001; or  (d) at any time during the 10‑year period ending at the test time, the individual’s registration as a liquidator was cancelled under the Corporations Act 2001 (other than in response to a written request by the individual to have the registration cancelled); or  (e) at any time during the 10‑year period ending at the test time, the individual’s registration as a trustee was cancelled (other than in response to a written request by the individual to have the registration cancelled); or  (f) at any time during the 10‑year period ending at the test time, the individual’s registration as a debt agreement administrator was cancelled under section 186K on the ground that:  (i) the individual contravened a condition that applied in relation to that registration; or  (ii) the individual failed to properly carry out the duties of an administrator in relation to a debt agreement; or  (g) at any time during the 10‑year period ending at the test time, the individual’s registration as a debt agreement administrator was cancelled as a result of an order under section 185ZCA; or  (h) at any time during the 10‑year period ending at the test time, a declaration was made under former section 186M in relation to the individual; or  (i) at any time during the 10‑year period ending at the test time, a determination in relation to the individual was made under subregulation 9.06(3) of the Bankruptcy Regulations 1996 as in force before the commencement of this section.  (2) Paragraph (1)(a) does not apply in relation to a bankruptcy that has been annulled under section 153B. Companies  (3) For the purposes of this Division, a company passes the basic eligibility test at a particular time (the test time) unless:  (a) at any time during the 10‑year period ending at the test time, the company was a Chapter 5 body corporate; or  (b) at any time during the 10‑year period ending at the test time, the company was convicted of an offence involving fraud or dishonesty; or  (c) at any time during the 10‑year period ending at the test time, the company’s registration as a debt agreement administrator was cancelled under section 186L on the ground that:  (i) the company contravened a condition that applied in relation to that registration; or  (ii) the company failed to properly carry out the duties of an administrator in relation to a debt agreement; or  (d) at any time during the 10‑year period ending at the test time, the company’s registration as a debt agreement administrator was cancelled as a result of an order under section 185ZCA; or  (e) at any time during the 10‑year period ending at the test time, a declaration was made under former section 186M in relation to the company; or  (f) at the test time, a director of the company does not pass the basic eligibility test; or  (g) at any time during the 10‑year period ending at the test time, a determination in relation to the company was made under subregulation 9.06(3) of the Bankruptcy Regulations 1996 as in force before the commencement of this section. Subdivision B—Registration of debt agreement administrators