5Application of Act

#### 5 Application of Act 5 Application of Act > > (1) This Act applies in respect of creditors only in so far as they are creditors under a farm debt. > > > (2) This Act does not apply in respect of: > > > > > (a) a farmer whose property is subject to control under Division 2 of Part X of the [Bankruptcy Act 1966](http://www.legislation.gov.au/) of the Commonwealth, or > > > > > (b) a farmer whose property is the subject of a bankruptcy petition presented by any person, or > > > > > (c) a farmer, being a corporation, that is an externally administered corporation within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth. > > > (3) This Act does not apply in respect of a farm debt secured by a farm mortgage if: > > > > > (a) the farmer is in default under the farm mortgage, and > > > > > (b) the farm mortgage secures all or part of the balance outstanding under an earlier farm mortgage, and > > > > > (c) the farmer and the creditor have previously entered into a mediation agreement under this Act in relation to the farm debt. > > **s 5:** Am 1998 No 14, Sch 1 \[3\]; 2001 No 34, Sch 4.18 \[1\]; 2018 No 16, Sch 1 \[6\].