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 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 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].