185QATerminating a debt agreement by special resolution of creditors

##### 185QA Terminating a debt agreement by special resolution of creditors (1) A debt agreement is terminated by the passing of a special resolution to that effect by a meeting of creditors called for the purpose if: (a) property of the debtor is covered by a restraining order or a forfeiture order; or (b) a pecuniary penalty order made against the debtor is in force. (2) However: (a) paragraph (1)(a) does not apply if, when the debt agreement was made, the restraining order or forfeiture order already covered the property in question; and (b) paragraph (1)(b) does not apply if, when the debt agreement was made, the pecuniary penalty order was already in force against the debtor. 25 Section 185S After “185Q”, insert “, 185QA”. 26 Subsection 190(5) After “Part VI”, insert “(other than Subdivision B of Division 2)”. 27 At the end of section 237 Add: (6) Nothing in this Division empowers the Court to stay any proceedings under a proceeds of crime law. 28 At the end of section 241 Add: (2) The creditors may, by special resolution at a meeting called for the purpose, terminate the composition if: (a) property of the debtor is covered by a restraining order or a forfeiture order; or (b) a pecuniary penalty order made against the debtor is in force. (3) However: (a) paragraph (2)(a) does not apply if, when the composition was made, the restraining order or forfeiture order already covered the property in question; and (b) paragraph (2)(b) does not apply if, when the composition was made, the pecuniary penalty order was already in force against the debtor. 29 At the end of section 243 Add: (5) Nothing in this Division empowers the Court to stay any proceedings under a proceeds of crime law. Proceeds of Crime Act 1987 30 Paragraph 50(2)(d) Repeal the paragraph. 31 Section 53 Repeal the section. 32 Paragraph 59(1)(f) Omit “53,”. 33 Paragraph 90(2)(d) Repeal the paragraph. Part 2—Other amendments Bankruptcy Act 1966 34 Subsection 5(1) (definition of confiscation order) Omit “Proceeds of Crime Act 1987”, substitute “Proceeds of Crime Act 2002”. 35 Subsection 5(1) (definition of corresponding law) Omit “Proceeds of Crime Act 1987”, substitute “Proceeds of Crime Act 2002”. 36 Subsection 5(1) (definition of interstate forfeiture order) Omit “Proceeds of Crime Act 1987”, substitute “Proceeds of Crime Act 2002”. 37 Subsection 5(1) (definition of interstate pecuniary penalty order) Omit “Proceeds of Crime Act 1987”, substitute “Proceeds of Crime Act 2002”. 38 Subsection 5(1) Insert: > proceeds of crime law means: (a) the Proceeds of Crime Act 2002; or (b) the Proceeds of Crime Act 1987; or (c) a corresponding law. 39 Subsection 60(4A) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”. 40 Subparagraph 154(6)(b)(i) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”. 41 Subsection 189AA(2) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”. 42 Subparagraph 231A(2)(b)(i) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”. 43 Subparagraph 237AA(2)(b)(i) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”. 44 Subparagraph 243AA(2)(b)(i) Omit “the Proceeds of Crime Act 1987 or a corresponding law”, substitute “a proceeds of crime law”.