Bankruptcy Legislation Amendment Act 2004 (Cth)

Bankruptcy Legislation Amendment Act 2004 Act No. 80 of 2004 as amended This compilation was prepared on 18 July 2005 [This Act was amended by Act No. 100 of 2005] Amendment from Act No. 100 of 2005 [Schedule 2 (item 9) amended heading to item 167 of Schedule 1 Schedule 2 (item 9) commenced immediately after 1 December 2004] Prepared by the Office of Legislative Drafting and Publishing, Attorney‑General's Department, Canberra Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments relating to statements of affairs and Part X agreements Part 1—Amendment of the Bankruptcy Act 1966 Division 1—Amendments relating to statements of affairs Division 2—Amendments relating to Part X agreements Part 2—Amendment of other Acts Aboriginal and Torres Strait Islander Commission Act 1989 ACIS Administration Act 1999 Australian National University Act 1991 Corporations Act 2001 Customs Act 1901 Defence Act 1903 Export Market Development Grants Act 1997 Income Tax Assessment Act 1997 Petroleum Resource Rent Tax Assessment Act 1987 Proceeds of Crime Act 1987 Proceeds of Crime Act 2002 Social Security Act 1991 Student Assistance Act 1973 Superannuation Industry (Supervision) Act 1993 Tradex Scheme Act 1999 Witness Protection Act 1994 Part 3—Application and transitional provisions Schedule 2—Amendments relating to compositions and schemes of arrangement Bankruptcy Act 1966 Schedule 3—Amendments relating to performance standards Bankruptcy Act 1966 Schedule 4—Amendments relating to voting documents Bankruptcy Act 1966 Schedule 5—Amendments relating to notice of meetings Bankruptcy Act 1966 Schedule 6—Minor and technical amendments Bankruptcy Act 1966 Schedule 7—Amendment of the Bankruptcy Legislation Amendment Act 2002 An Act to amend the Bankruptcy Act 1966, and for other purposes [Assented to 23 June 2004] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Bankruptcy Legislation Amendment Act 2004. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 23 June 2004 2. Schedules 1, 2, 3 and 4 A single day to be fixed by Proclamation. 1 December 2004 (s 2(1); Gazette 2004, GN34) However, if any of the provision(s) do not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period. 3. Schedule 5 A single day to be fixed by Proclamation. 1 December 2004 (s 2(1); Gazette 2004, GN34) However, if any of the provision(s) do not commence within the period of 6 months beginning on the day on which this Act receives the Royal Assent, they commence on the first day after the end of that period. 4. Schedule 6 The day on which this Act receives the Royal Assent. 23 June 2004 5. Schedule 7, items 1 and 2 Immediately after the commencement of Schedule 1 to the Bankruptcy Legislation Amendment Act 2002. 5 May 2003 6. Schedule 7, item 3 The day on which this Act receives the Royal Assent. 23 June 2004 Note: This table relates only to the provisions of this Act as originally passed by the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Amendments relating to statements of affairs and Part X agreements Part 1—Amendment of the Bankruptcy Act 1966 Division 1—Amendments relating to statements of affairs 1 Subsection 5(1) Insert: related entity, in relation to a person, means any of the following: (a) a relative of the person; (b) a body corporate of which the person, or a relative of the person, is a director; (c) a body corporate that is related to the body corporate referred to in paragraph (b); (d) a director, or a relative of a director, of a body corporate referred to in paragraph (b) or (c); (e) a beneficiary under a trust of which the person, or a relative of the person, is a trustee; (f) a relative of such a beneficiary; (g) a relative of the spouse of such a beneficiary; (h) a trustee of a trust under which the person, or a relative of the person, is a beneficiary; (i) a member of a partnership of which the person, or a relative of the person, is a member; For the purposes of paragraph (c) of this definition, the question whether a body corporate is related to another body corporate is to be determined in the same manner as that question is determined for the purposes of the Corporations Act 2001. 2 Subsection 5(1) Insert: relative, in relation to a person, means: (a) the spouse of the person; or (b) a parent or remoter lineal ancestor of the person or of the person's spouse; or (c) a child or remoter lineal descendant of the person or of the person's spouse; or (d) a brother or sister of the person or of the person's spouse; or (e) an uncle, aunt, nephew or niece of the person or of the person's spouse; or (f) the spouse of a person specified in paragraph (b), (c), (d) or (e). For the purposes of this definition, spouse includes de facto spouse. Note: Parent and child are defined by this subsection. 3 Subsection 6A(1) Omit "188A", substitute "Part X". 4 After paragraph 6A(2)(a) Insert: (b) includes a statement identifying any creditor who is a related entity of the debtor or bankrupt; and 5 At the end of section 6A Add: (4) For the purposes of the application of subsection (3) to a statement of affairs that is required to be given under Part X, a reference in that subsection to the trustee is a reference to whichever of the following is applicable: (a) the controlling trustee within the meaning of that Part; (b) the trustee of the personal insolvency agreement concerned. Division 2—Amendments relating to Part X agreements 6 Subsection 5(1) (at the end of paragraph (a) of the definition of end) Add "or". 7 Subsection 5(1) (paragraph (b) of the definition of end) Repeal the paragraph, substitute: (b) in relation to a composition or scheme of arrangement under Division 6 of Part IV—the time when the composition or scheme, as the case may be, ceases to be in effect; or (ba) in relation to a personal insolvency agreement—the time when all the obligations that the agreement created have been discharged; or 8 Subsection 5(1) Insert: personal insolvency agreement means a personal insolvency agreement executed under Part X. Note: Section 188A sets out requirements for personal insolvency agreements. 9 Subsection 5(1) (at the end of paragraphs (a) and (b) of the definition of the trustee) Add "or". 10 Subsection 5(1) (paragraph (c) of the definition of the trustee) Repeal the paragraph, substitute: (c) in relation to a personal insolvency agreement—the trustee of the agreement; or 11 Subsection 5(4) Omit "deed of assignment or deed of arrangement executed, or of a composition accepted, under Part X", substitute "personal insolvency agreement". 12 Paragraphs 5(4)(a) and (b) Omit "deed or composition", substitute "personal insolvency agreement". 13 Subsection 5AA(2) Repeal the subsection, substitute: (2) For the purposes of item 6 of the table, an authority under section 188 relates to a personal insolvency agreement if a special resolution relating to the agreement was passed at a meeting of creditors called under the authority. 14 Subsection 5AA(3) (paragraphs (b), (c) and (d) of the definition of Part X administration) Repeal the paragraphs, substitute: (b) a personal insolvency agreement. 15 Subparagraph 5H(b)(iv) Omit "a deed of assignment, deed of arrangement, or composition,", substitute "a personal insolvency agreement". 16 Paragraph 5H(c) Omit "deed of assignment or arrangement, a person acting under such an authority or a person administering such a composition", substitute "personal insolvency agreement or a person acting under such an authority". 17 Subparagraph 12(1)(b)(iii) Repeal the subparagraph, substitute: (iii) a personal insolvency agreement; or 18 Subparagraph 12(1)(ba)(iii) Repeal the subparagraph, substitute: (iii) a debtor under a personal insolvency agreement; 19 Paragraph 12(1)(ba) Omit "deed of assignment, scheme or deed of arrangement, or composition", substitute "composition, scheme or agreement". 20 Subsection 12(1BA) Omit "deed of assignment, scheme or deed of arrangement, composition", substitute "composition, scheme or agreement". 21 Subparagraph 12(2)(b)(iv) Omit "deed of assignment, deed of arrangement", substitute "personal insolvency agreement". 22 Subsection 18(10) Omit "deed of assignment, deed of arrangement", substitute "personal insolvency agreement". 23 Paragraph 18A(1)(e) Omit "deed of assignment or deed of arrangement executed, or a composition accepted, under Part X", substitute "personal insolvency agreement". 24 Subparagraph 20J(1)(b)(ii) Repeal the subparagraph, substitute: (ii) the trustee of a personal insolvency agreement; 25 Paragraph 31(1)(j) Repeal the paragraph, substitute: (j) applications under Part X: (i) for an order setting aside or terminating a personal insolvency agreement; or (ii) for a sequestration order against the estate of a debtor; 26 Paragraph 40(1)(l) Omit "deed of assignment or a deed of arrangement", substitute "personal insolvency agreement". 27 Subparagraph 40(1)(l)(i) Omit "deed", substitute "agreement". 28 Paragraph 40(1)(m) Repeal the paragraph, substitute: (m) if a personal insolvency agreement executed by him or her under Part X is: (i) set aside by the Court; or (ii) terminated; 29 Subsection 40(5) Omit "deed", substitute "agreement". 30 Subsection 40(6) Omit "deed or composition is declared void or terminated or the composition is set aside", substitute "agreement is set aside or terminated". 31 Subsection 55(6) Repeal the subsection, substitute: (6) A debtor who has executed a personal insolvency agreement is not, except with the leave of the Court, entitled to present a petition against himself or herself unless: (a) the agreement has been set aside; or (b) the agreement has been terminated; or (c) all the obligations that the agreement created have been discharged. 32 Subsections 56A(3), (4) and (5) Repeal the subsections, substitute: (3) A member of a partnership who has executed a personal insolvency agreement must not join in presenting a petition against the partnership unless: (a) the agreement has been set aside; or (b) the agreement has been terminated; or (c) all the obligations that the agreement created have been discharged; or (d) the Court gives permission for the member to join in presenting a petition against the partnership. 33 Subsection 57(7) Repeal the subsection, substitute: (7) A debtor who has executed a personal insolvency agreement is not entitled to join in presenting a petition under this section unless: (a) the agreement has been set aside; or (b) the agreement has been terminated; or (c) all the obligations that the agreement created have been discharged; or (d) the Court grants leave for the debtor to join in presenting a petition under this section. 34 At the end of paragraph 71(2)(a) Add "or". 35 Paragraph 71(2)(b) Repeal the paragraph, substitute: (b) he or she executes a personal insolvency agreement; or 36 Paragraph 109(1)(c) Omit "deed of assignment or a deed of arrangement", substitute "personal insolvency agreement". 37 Paragraph 109(1)(c) Omit "been declared to be void or". 38 Subsection 114(1) Omit "deed of assignment or a deed of arrangement", substitute "personal insolvency agreement". 39 Subsection 114(1) Omit "been declared to be void or". 40 Paragraphs 114(1)(a), (b) and (c) Omit "deed", substitute "agreement". 41 Subsection 114(2) Repeal the subsection, substitute: (2) In this section: the terminated agreement, composition or scheme of arrangement means the agreement, composition or scheme of arrangement that has been set aside or terminated. 42 Section 163 (note) Omit "deed of arrangement", substitute "personal insolvency agreement". 43 Paragraph 185S(b) Omit "231(2)", substitute "188A(4)". 44 Part X (heading) Repeal the heading, substitute: Part X—Personal insolvency agreements 45 Subsection 187(1) (definition of composition) Repeal the definition. 46 Subsection 187(1) (definition of deed of arrangement) Repeal the definition. 47 Subsection 187(1) (definition of deed of assignment) Repeal the definition. 48 Subsection 187(1) (definition of divisible property) Omit "deed of assignment", substitute "personal insolvency agreement". 49 Subsection 187(1) (definition of divisible property) Omit "the deed", substitute "the agreement". 50 Subsection 187(2) Omit "deed or a composition", substitute "personal insolvency agreement". 51 Subsection 187(2) Omit "deed or on which the special resolution accepting the composition was passed, as the case may be", substitute "personal insolvency agreement". 52 After subsection 188(2) Insert: (2AA) If the person authorised is a registered trustee or a solicitor, then, before the person consents to exercise the powers given by the authority, the person must give the debtor the information prescribed by the regulations. (2AB) If the person authorised is the Official Trustee, then, before the Official Receiver gives approval to name the Official Trustee in the authority, the Official Receiver must give the debtor the information prescribed by the regulations. Note: The heading to section 188 is altered by omitting "authorize" and substituting "authorise". 53 After subsection 188(2B) Insert: (2C) If the person authorised is a registered trustee or solicitor, the authority signed by the debtor under this section is not effective for the purposes of this Part unless, before the person authorised consents to exercise the powers given by the authority, the debtor gives to the person authorised: (a) a statement of the debtor's affairs; and (b) a proposal for dealing with them under this Part. Note: Section 6A sets out requirements for statements of affairs. (2D) If the person authorised is the Official Trustee, the authority signed by the debtor under this section is not effective for the purposes of this Part unless, before an Official Receiver gives approval to name the Official Trustee in the authority, the debtor gives to the Official Receiver: (a) a statement of the debtor's affairs; and (b) a proposal for dealing with them under this Part. Note: Section 6A sets out requirements for statements of affairs. (2E) A proposal for dealing with the debtor's affairs under this Part must include a draft personal insolvency agreement. Note: Section 188A sets out requirements for personal insolvency agreements. 54 Subsection 188(5) Repeal the subsection, substitute: (5) A registered trustee or solicitor who consents to exercise the powers given by an authority must, within 2 working days of consenting, give a copy of: (a) the authority; and (b) the debtor's statement of affairs; to the Official Receiver for the District in which the debtor resides. (5A) For the purposes of subsection (5), a working day is a day that is not a Saturday, Sunday or public holiday in the place where the registered trustee or solicitor consented to exercise the powers given by the authority. 55 Section 188A Repeal the section, substitute: 188A Personal insolvency agreement Requirements for a personal insolvency agreement (1) A personal insolvency agreement is a deed that: (a) is expressed to be entered into under this Part; and (b) complies with subsection (2). (2) A personal insolvency agreement must: (a) identify the debtor's property (whether or not already owned by the debtor when he or she executes the agreement) that is to be available to pay creditors' claims; and (b) specify how the property is to be dealt with; and (c) identify the debtor's income (whether or not already derived by the debtor when he or she executes the agreement) that is to be available to pay creditors' claims; and (d) specify how the income is to be dealt with; and (e) specify the extent (if any) to which the debtor is to be released from his or her provable debts; and (f) specify the conditions (if any) for the agreement to come into operation; and (g) specify the circumstances in which, or the events on which, the agreement terminates; and (h) specify the order in which proceeds of realising the property referred to in paragraph (a) are to be distributed among creditors; and (i) specify the order in which income referred to in paragraph (c) is to be distributed among creditors; and (j) specify whether or not the antecedent transactions provisions of this Act apply to the debtor; and (k) make provision for a person or persons to be trustee or trustees of the agreement; and (l) provide that the debtor will execute such instruments and generally do all such acts and things in relation to his or her property and income as is required by the agreement. (3) Subsection (2) does not limit the provisions that may be included in a personal insolvency agreement. Antecedent transactions provisions (4) If a personal insolvency agreement specifies that the antecedent transactions provisions of this Act apply to the debtor, sections 120 to 125 apply, with any modifications prescribed by the regulations, in relation to the debtor as if: (a) a creditor's petition had been presented against the debtor on the day on which the special resolution requiring the execution of the agreement was passed; and (b) a sequestration order had been made against the debtor on that petition on the day on which the debtor executed the agreement; and (c) the trustee of the agreement were the trustee in the debtor's bankruptcy. (5) In the application, by virtue of subsection (4), of the provisions referred to in that subsection: (a) a reference to the property of the bankrupt is to be read as a reference to the divisible property of the debtor; and (b) a reference to a provable debt is to be read as a reference to a provable debt within the meaning of this Part; and (c) a reference to the end of the bankruptcy is to be read as a reference to the end of the personal insolvency agreement. Definition (6) In this section: income has the meaning given by section 139L. 188B Inspection of statement of debtor's affairs (1) This section applies to the following documents relating to a debtor: (a) a copy of a statement of the debtor's affairs given to an Official Receiver under subsection 188(5); (b) a statement of the debtor's affairs given to the Official Receiver under subsection 188(2D). (2) A person who states in writing that he or she is a creditor of the debtor, may, without fee: (a) inspect, personally or by an agent, the document; and (b) obtain a copy of, or make extracts from, the document. (3) A person who does not state in writing that he or she is a creditor of the debtor, may, on payment of the fee prescribed by the regulations: (a) inspect, personally or by an agent, the document; and (b) obtain a copy of, or make extracts from, the document. (4) The debtor may, without fee and either personally or by an agent: (a) inspect the document; or (b) obtain a copy of, or make extracts from, the document. (5) If the approved form for a statement of affairs indicates that particular information in the statement will not be made available to the public, then the Official Receiver must ensure that the information is not made available under this section to any person (other than the debtor or an agent of the debtor). (6) The Official Receiver may refuse to allow a person access under this section to particular information in a debtor's statement of affairs on the ground that access to that information would jeopardise, or be likely to jeopardise, the safety of any person. 56 Paragraphs 189(1A)(b) and (c) Repeal the paragraphs, substitute: (b) the debtor and a trustee execute a personal insolvency agreement following a special resolution of creditors; 57 After section 189 Insert: 189AAA Stay of proceedings relating to creditor's petition until meeting of debtor's creditors (1) If: (a) an authority signed by a debtor under section 188 has become effective; and (b) either: (i) a creditor's petition was presented against the debtor before the authority became effective; or (ii) a creditor's petition is presented against the debtor after the authority became effective but before the first or only meeting of the debtor's creditors called under the authority; proceedings relating to that petition are, by force of this subsection, stayed until: (c) the conclusion of the meeting; or (d) the adjournment of the meeting; whichever is the earlier. (2) This section does not limit subsection 206(1). 58 After section 189AB Insert: 189AC Right of indemnity for controlling trustee (1) The controlling trustee is entitled to be indemnified out of the debtor's property for: (a) his or her remuneration; and (b) any costs, charges or expenses properly and reasonably incurred by the controlling trustee while the debtor's property was subject to control under this Division. (2) To secure a right of indemnity under subsection (1), the controlling trustee has a lien on the debtor's property. (3) A lien under subsection (2) ceases to have effect if the debtor becomes a bankrupt. 59 Paragraph 189A(1)(b) Repeal the paragraph, substitute: (b) stating whether the controlling trustee believes that the creditors' interests would be better served: (i) by accepting the debtor's proposal for dealing with his or her affairs under this Part; or (ii) by the bankruptcy of the debtor; and (c) naming each creditor who was identified as a related entity of the debtor in the debtor's statement of affairs. 60 At the end of subsection 189A(2) Add: Declaration of relationships (3) The controlling trustee must make a written declaration stating whether the debtor is a related entity of: (a) the controlling trustee; or (b) a related entity of the controlling trustee. (4) The controlling trustee must: (a) give a copy of the declaration to the Official Receiver; and (b) give a copy of the declaration to each of the creditors at the same time as the controlling trustee gives a copy of the subsection (1) report to each creditor; and (c) keep a copy of the declaration. Note: The heading to section 189A is altered by inserting "and declaration" after "Report". 61 Subsection 190(5) Omit all the words after "but,", substitute "if a personal insolvency agreement is executed by him or her in accordance with a special resolution of a meeting of creditors called in accordance with the authority, does not include property that is acquired by, or devolves on, him or her on or after the day on which he or she executes the agreement.". 62 After section 190 Insert: 190A Additional duties of controlling trustee (1) The duties of the controlling trustee include the following: (a) notifying the debtor's creditors of the giving by the debtor of an authority under section 188; (b) giving information about the administration of the controlling trusteeship to a creditor who makes a reasonable request for it; (c) taking whatever action is practicable to try to ensure that the debtor discharges all of the debtor's duties under this Act; (d) considering whether the debtor has committed an offence against this Act; (e) referring to the Inspector‑General or to relevant law enforcement authorities any evidence of an offence by the debtor against this Act; (f) making appropriate inquiries and investigations in connection with the debtor's property and examinable affairs; (g) disclosing to creditors any material personal interests held by the trustee that could conflict with the proper exercise of his or her powers or the proper performance of his or her functions; (h) exercising powers and performing functions in a commercially sound way; (i) exercising powers and performing functions in an impartial and independent manner. 63 Paragraph 192(3)(a) Omit "deed of assignment or a deed of arrangement", substitute "personal insolvency agreement". 64 Subsection 192(3) Omit "the deed", substitute "the agreement". 65 Section 194 Repeal the section, substitute: 194 Time for calling meeting (1) The meeting that is to be called under an authority under section 188 must be held: (a) not more than 25 working days after the relevant consent or approval was given; or (b) if the relevant consent or approval was given in December—not more than 30 working days after the relevant consent or approval was given. (2) For the purposes of subsection (1), the relevant consent or approval is: (a) if the person authorised is a registered trustee or solicitor—the consent of the person to exercise the powers given by the authority; or (b) if the person authorised is the Official Trustee—the approval given by the Official Receiver to name the Official Trustee in the authority. (3) For the purposes of subsection (1), a working day is a day that is not a Saturday, Sunday or public holiday in the place where the meeting is to be held. 194A Statement of affairs and declarations of relationships to be tabled at meeting Scope (1) This section applies to a meeting that is called under an authority under section 188. Debtor's statement of affairs (2) The controlling trustee must table at the meeting a copy of the debtor's statement of affairs. (3) If, assuming that the debtor had been required, immediately before the start of the meeting, to prepare a statement of affairs, that statement would have differed in one or more material respects from the statement given by the debtor under subsection 188(2C) or (2D), the debtor must table at the meeting a written statement identifying those differences. Controlling trustee's declaration (4) The controlling trustee must table at the meeting a copy of the declaration made by the controlling trustee under subsection 189A(3). (5) If, assuming that the controlling trustee had been required, immediately before the start of the meeting, to make a declaration stating whether the debtor is a related entity of: (a) the controlling trustee; or (b) a related entity of the controlling trustee; that declaration would have differed in one or more material respects from the declaration made by the controlling trustee under subsection 189A(3), the controlling trustee must table at the meeting a written statement identifying those differences. 66 Paragraphs 204(1)(b) and (c) Repeal the paragraphs, substitute: (b) require the debtor to execute a personal insolvency agreement; or Note: The heading to section 204 is altered by omitting "deed of assignment etc." and substituting "personal insolvency agreement". 67 Subsections 204(2), (3) and (4) Repeal the subsections, substitute: (2) A special resolution requiring a debtor to execute a personal insolvency agreement must specify the provisions to be included in the agreement. (3) If a special resolution requiring the debtor to execute a personal insolvency agreement has been passed, the creditors must, by resolution, nominate a trustee or trustees to be trustee or trustees of the agreement. 68 Subsection 204(5) Omit "subsection (4)", substitute "subsection (3)". 69 Paragraph 204(5)(b) Omit "deed or composition", substitute "personal insolvency agreement". 70 Subsection 204(6) Omit "deed or composition", substitute "personal insolvency agreement". 71 Subsection 205(1) Omit "deed of assignment or a deed of arrangement or present a debtor's petition or accepting a composition", substitute "personal insolvency agreement or present a debtor's petition". 72 Subsection 205(3) Omit "deed of assignment or a deed of arrangement or present a debtor's petition or accepting a composition", substitute "personal insolvency agreement or present a debtor's petition". 73 Paragraph 205(5)(a) Omit "deed of assignment or a deed of arrangement or present a debtor's petition or accepting a composition", substitute "personal insolvency agreement or present a debtor's petition". 74 Paragraph 205(5)(d) Omit "(not being a special resolution accepting a composition)". 75 Paragraph 205(5)(d) Omit "deed", substitute "personal insolvency agreement". 76 Paragraph 205(6)(a) Omit "deed of assignment or a deed of arrangement under this Part, or a special resolution is passed under section 204 accepting a composition in relation to the debtor, and the property vests in the trustee of the deed or is subject to the terms of the composition, as the case may be", substitute "personal insolvency agreement, and the property vests in the trustee of the agreement". 77 Subsections 205A(1), (2) and (3) Repeal the subsections. Note: The heading to section 205A is altered by omitting "deed" and substituting "personal insolvency agreement". 78 Subparagraph 205A(4)(a)(i) Repeal the subparagraph, substitute: (i) that a debtor has executed a personal insolvency agreement; and 79 At the end of sub‑subparagraph 205A(4)(a)(ii)(A) Add "or". 80 Sub‑subparagraph 205A(4)(a)(ii)(B) Omit "passing of the special resolution" (wherever occurring), substitute "execution of the agreement". 81 Subparagraph 205A(4)(a)(ii) Omit "terms of the composition", substitute "the agreement". 82 Subparagraph 205A(4)(b)(i) Repeal the subparagraph, substitute: (i) that a debtor has executed a personal insolvency agreement; and 83 Sub‑subparagraphs 205A(4)(b)(ii)(A) and (B) Omit "passing of the special resolution" (wherever occurring), substitute "execution of the agreement". 84 Subparagraph 205A(4)(b)(ii) Omit "terms of the composition", substitute "the agreement". 85 Paragraph 205A(5)(c) Omit "special resolution accepting the composition was passed", substitute "personal insolvency agreement was executed". 86 Paragraph 205A(5)(d) Omit "the composition", substitute "or terminate the agreement". 87 Subparagraph 205A(6)