Bankruptcy Act 1966

This section applies if:

a proposal to vary a debt agreement is given under section 185M; and

the applicable deadline has not arrived; and

the proposal has not been accepted.

If:

the Official Receiver becomes aware that the relevant subsection 185M(1B) statement was deficient because it omitted a material particular or because it was incorrect in a material particular; or

the Official Receiver becomes aware of a material change in circumstances that:

was not foreshadowed in the relevant subsection 185M(1B) statement; and

in the opinion of the Official Receiver, is capable of affecting an affected creditor’s decision whether or not to accept the proposal;

If the Official Receiver makes a declaration under subsection (2), the Official Receiver must give written notice of the declaration, and the reasons for it, to:

the debtor; and

affected creditors who are known to the Official Receiver.

If the Official Receiver decides to make a declaration under subsection (2), the debtor or an affected creditor may apply to the Administrative Review Tribunal for review of the decision.