Farm Debt Mediation Act 2024

A farmer may, during a cooling-off period, serve a written notice on the Creditor or the Creditor’s Australian legal practitioner to the effect that the farmer rescinds the mediation agreement subject to the cooling-off period.

A notice of rescission under subsection (1) must be signed by the farmer or the farmer’s Australian legal practitioner.

On service of a notice of rescission signed in accordance with this section, the mediation agreement is taken to be rescinded ab initio.

If rescission of a mediation agreement occurs in accordance with this section, the farmer or Creditor is entitled to make a claim for such compensation, adjustment or accounting as is just and equitable between the farmer and the Creditor where a party has received a benefit under the mediation agreement.

This section and section 36 do not affect any right or remedy available otherwise than under this section or section 36.

A Creditor may not make a claim under subsection (4) if the only basis of the claim is the rescission of the mediation agreement under this section.