8Application of Act

8 Application of Act

(1)  Subject to subsections (2) and (3) , 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 that is an externally administered corporation within the meaning of the Corporations Act.

(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.