Farm Debt Mediation Act 2024

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.

This Act does not apply in respect of – a farmer whose property is subject to control under Division 2 of Part X of the Bankruptcy Act 1966 of the Commonwealth; or a farmer whose property is the subject of a bankruptcy petition presented by any person; or a farmer that is an externally administered corporation within the meaning of the Corporations Act.

This Act does not apply in respect of a farm debt secured by a farm mortgage if – the farmer is in default under the farm mortgage; and the farm mortgage secures all or part of the balance outstanding under an earlier farm mortgage; and the farmer and the Creditor have previously entered into a mediation agreement under this Act in relation to the farm debt.