Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 (Cth)

Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 No. 44, 2007 An Act to amend the Bankruptcy Act 1966, and for other purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendments commencing on the day after Royal Assent Bankruptcy Act 1966 Schedule 2—Amendments commencing on 1 July 2007 Bankruptcy Act 1966 Bankruptcy Legislation Amendment (Debt Agreements) Act 2007 No. 44, 2007 An Act to amend the Bankruptcy Act 1966, and for other purposes [Assented to 10 April 2007] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Bankruptcy Legislation Amendment (Debt Agreements) Act 2007. 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. 10 April 2007 2. Schedule 1 The day after this Act receives the Royal Assent. 11 April 2007 3. Schedule 2 1 July 2007. 1 July 2007 Note: This table relates only to the provisions of this Act as originally passed by both Houses of 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in any published version of this Act. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 commencing on the day after Royal Assent Bankruptcy Act 1966 1 Subsection 5(1) (definition of approved form) After "approved", insert ", in writing,". 2 Subsection 12(1A) After "registered trustee" (first occurring), insert "or the administrator of a debt agreement". 3 Subsection 12(1A) After "registered trustee" (last occurring), insert "or administrator, as the case may be,". 4 Subsections 12(1BA) and (1B) Omit "or (ba)", substitute ", (ba) or (bb)". 5 After subsection 12(1C) Insert: (1D) For the purposes of paragraph (1)(bb), any conduct engaged in by the administrator of a debt agreement: (a) in fulfilment, or purported fulfilment, of a duty of the administrator under this Act; or (b) in breach of a duty of the administrator under this Act; is taken to be conduct of the administrator that relates to a debt agreement, even if the conduct does not relate to a particular debt agreement. 6 At the end of subsection 12(2) Add: ; and (d) require the production of any books kept by the administrator, or former administrator, of a debt agreement; and (e) require the administrator, or former administrator, of a debt agreement to answer an inquiry made of the administrator or former administrator, as the case may be, in relation to the administration of the debt agreement; and (f) at any time investigate the books of the administrator, or former administrator, of a debt agreement. 7 After subsection 20B(7) Insert: (7A) Any payment that the Official Trustee is authorised, required or permitted to make under: (a) a debt agreement; or (b) a personal insolvency agreement; is to be made out of money in the Common Fund. 8 At the end of paragraph 155A(2)(e) Add: ; or (iv) he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; and 9 At the end of subsection 155A(2) Add: (f) has not had his or her registration as a debt agreement administrator cancelled under section 186K, within 10 years before making the application, on the ground that he or she failed to properly carry out the duties of an administrator in relation to a debt agreement. 10 At the end of paragraph 155A(4)(d) Add: ; or (iv) he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; or 11 At the end of subsection 155A(4) Add: (e) has had his or her registration as a debt agreement administrator cancelled under section 186K, within 10 years before making the application, on the ground that he or she failed to properly carry out the duties of an administrator in relation to a debt agreement. 12 After paragraph 155H(1)(f) Insert: (fa) if the trustee is or was the administrator of a debt agreement—the trustee has failed to properly carry out the duties of an administrator in relation to a debt agreement; or 13 Subsection 185(1) Insert: basic eligibility test has the meaning given by section 186A. 14 Subsection 185(1) Insert: debt agreement activities of a company means the activities of the company in connection with: (a) debt agreement proposals for which the company is to be the administrator; and (b) debt agreements for which the company is the administrator. 15 Subsection 185(1) Insert: externally‑administered body corporate has the same meaning as in the Corporations Act 2001. 16 Subsection 185(1) Insert: insolvent under administration has the same meaning as in the Corporations Act 2001. 17 Subsection 185(1) Insert: registered debt agreement administrator means a person who is registered under section 186D as a debt agreement administrator. 18 Division 7 of Part IX (heading) Repeal the heading, substitute: Division 7—General provisions relating to debt agreements 19 At the end of Part IX Add: Division 8—Registration of debt agreement administrators etc. Subdivision A—Introduction 186A Basic eligibility test Individuals (1) For the purposes of this Division, an individual passes the basic eligibility test at a particular time (the test time) unless: (a) at any time during the 10‑year period ending at the test time, the individual was: (i) an insolvent under administration; or (ii) a party (as a debtor) to a debt agreement; or (b) at any time during the 10‑year period ending at the test time, the individual was convicted of an offence involving fraud or dishonesty; or (c) at the test time, the individual is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001; or (d) at any time during the 10‑year period ending at the test time, the individual's registration as a liquidator was cancelled under subsection 1292(2) or (3) of the Corporations Act 2001; or (e) at any time during the 10‑year period ending at the test time, the individual's registration as a trustee ceased under section 155I for a reason specified in paragraph 155H(1)(a), (aa), (b), (e), (f), (fa) or (g); or (f) at any time during the 10‑year period ending at the test time, the individual's registration as a debt agreement administrator was cancelled under section 186K on the ground that: (i) the individual contravened a condition that applied in relation to that registration; or (ii) the individual failed to properly carry out the duties of an administrator in relation to a debt agreement; or (g) at any time during the 10‑year period ending at the test time, the individual's registration as a debt agreement administrator was cancelled as a result of an order under section 185ZCA; or (h) at any time during the 10‑year period ending at the test time, a declaration was made under section 186M in relation to the individual; or (i) at any time during the 10‑year period ending at the test time, a determination in relation to the individual was made under subregulation 9.06(3) of the Bankruptcy Regulations 1996 as in force before the commencement of this section. (2) Subparagraph (1)(a)(i) does not apply in relation to a bankruptcy that has been annulled under section 153B. Companies (3) For the purposes of this Division, a company passes the basic eligibility test at a particular time (the test time) unless: (a) at any time during the 10‑year period ending at the test time, the company was an externally‑administered body corporate; or (b) at any time during the 10‑year period ending at the test time, the company was convicted of an offence involving fraud or dishonesty; or (c) at any time during the 10‑year period ending at the test time, the company's registration as a debt agreement administrator was cancelled under section 186L on the ground that: (i) the company contravened a condition that applied in relation to that registration; or (ii) the company failed to properly carry out the duties of an administrator in relation to a debt agreement; or (d) at any time during the 10‑year period ending at the test time, the company's registration as a debt agreement administrator was cancelled as a result of an order under section 185ZCA; or (e) at any time during the 10‑year period ending at the test time, a declaration was made under section 186M in relation to the company; or (f) at the test time, a director of the company does not pass the basic eligibility test; or (g) at any time during the 10‑year period ending at the test time, a determination in relation to the company was made under subregulation 9.06(3) of the Bankruptcy Regulations 1996 as in force before the commencement of this section. Subdivision B—Registration of debt agreement administrators 186B Application for registration as a debt agreement administrator (1) An individual or company may apply to the Inspector‑General to be registered as a debt agreement administrator. (2) The application must: (a) be in the approved form; and (b) be accompanied by such information and documents (if any) as are specified in the regulations; and (c) if the application is not by way of renewal—be accompanied by the fee determined by the Minister by legislative instrument; and (d) if the application is by way of renewal—be made before the expiry of the applicant's existing registration as a debt agreement administrator. 186C Inspector‑General must approve or refuse to approve registration application (1) After considering an application made under section 186B, the Inspector‑General must, within 60 days of receiving the application: (a) approve the application; or (b) refuse to approve the application. Approval of application made by an individual (2) If: (a) the applicant is an individual; and (b) the application is not by way of renewal; the Inspector‑General must approve the application if the Inspector‑General is satisfied that the applicant: (c) passes the basic eligibility test; and (d) has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to debt agreements; and (e) has such qualifications and experience (if any) as are prescribed by the regulations. Otherwise the Inspector‑General must refuse to approve the application. (3) If: (a) the applicant is an individual; and (b) the application is by way of renewal; the Inspector‑General must approve the application. Approval of application made by a company (4) If: (a) the applicant is a company; and (b) the application is not by way of renewal; the Inspector‑General must approve the application if the Inspector‑General is satisfied that the applicant: (c) passes the basic eligibility test; and (d) has the ability to satisfactorily perform the duties of an administrator in relation to debt agreements. Otherwise the Inspector‑General must refuse to approve the application. (5) If: (a) the applicant is a company; and (b) the application is by way of renewal; the Inspector‑General must approve the application. Guidelines (6) In deciding whether to approve an application made under section 186B, the Inspector‑General must have regard to any relevant guidelines in force under section 186Q. Notice of decision (7) If the Inspector‑General refuses to approve an application made under section 186B, the Inspector‑General must give the applicant a written notice of the refusal, and the reasons for it. Review (8) If the Inspector‑General decides to refuse to approve an application made under section 186B, the applicant may apply to the Administrative Appeals Tribunal for review of the decision. Conditions of registration (9) If the Inspector‑General approves an application under section 186B, the Inspector‑General may decide that, if the applicant is registered as a debt agreement administrator under section 186D, the applicant's registration as a debt agreement administrator is subject to specified conditions. (10) If the Inspector‑General makes a decision under subsection (9), the Inspector‑General must give the applicant a written notice of the decision and the reasons for it. (11) If the Inspector‑General makes a decision under subsection (9), the applicant may apply to the Administrative Appeals Tribunal for review of the decision. (12) In subsection (11): decision has the same meaning as in the Administrative Appeals Tribunal Act 1975. 186D Registration as a debt agreement administrator (1) This section applies if: (a) the Inspector‑General approves an application under section 186C; and (b) the applicant has paid the fee determined by the Minister by legislative instrument. (2) The Inspector‑General must register the applicant as a debt agreement administrator by entering on the National Personal Insolvency Index the details relating to the applicant that are prescribed by the regulations. (3) After registering the applicant as a debt agreement administrator, the Inspector‑General must give the applicant a certificate of registration. 186E Duration of registration as a debt agreement administrator Subject to this Division, if a person is registered under section 186D as a debt agreement administrator, the registration remains in force for: (a) if the registration is not by way of renewal—3 years beginning when the person's details are entered on the National Personal Insolvency Index; or (b) if the registration is by way of renewal—3 years beginning immediately after the person's existing registration as a debt agreement administrator expires. 186F Conditions of registration—general (1) This section applies to a person if the person is a registered debt agreement administrator. (2) The Inspector‑General may, by written notice given to the person, impose specified conditions on the person's registration as a debt agreement administrator. 186G Condition of registration—companies (1) This section applies to a company if the company is a registered debt agreement administrator. (2) It is a condition of the company's registration as a debt agreement administrator that each individual who takes overall responsibility for managing the company's debt agreement activities must be: (a) a registered debt agreement administrator; or (b) a registered trustee. (3) Subsection (2) does not limit subsection 186C(9) or section 186F. 186H Application to change or remove registration conditions (1) If there are conditions on a person's registration as a debt agreement administrator, the person may apply to the Inspector‑General for the conditions to be changed or removed. (2) The application must: (a) be in the approved form; and (b) be accompanied by such information and documents (if any) as are specified in the regulations. (3) After considering an application made under subsection (1), the Inspector‑General must: (a) decide that the conditions on the applicant's registration as a debt agreement administrator should not be changed or removed; or (b) decide that specified modifications should be made to the conditions imposed on the applicant's registration as a debt agreement administrator. Note: See the definition of modifications in subsection 5(1). Notice of decision (4) If the Inspector‑General decides that the conditions on the applicant's registration as a debt agreement administrator should not be changed or removed, the Inspector‑General must give the applicant a written notice of the decision, and the reasons for it. (5) If the Inspector‑General decides that specified modifications should be made to the conditions imposed on the applicant's registration as a debt agreement administrator, the Inspector‑General must give the applicant a written notice of the decision, and the reasons for it. Review (6) The applicant may apply to the Administrative Appeals Tribunal for review of a decision of the Inspector‑General made under this section. (7) In subsection (6): decision has the same meaning as in the Administrative Appeals Tribunal Act 1975. Subdivision C—Surrender and cancellation of registration as a debt agreement administrator 186J Surrender of registration as a debt agreement administrator (1) This section applies to a person if the person is a registered debt agreement administrator. (2) The person may, by written notice given to the Inspector‑General, request the Inspector‑General to accept the surrender of the person's registration as a debt agreement administrator. (3) A request under subsection (2) must be in the approved form. (4) The person ceases to be registered as a debt agreement administrator when the Inspector‑General accepts the request. (5) If the Inspector‑General accepts a request given under subsection (2), the Inspector‑General must remove the person's registration details from the National Personal Insolvency Index. 186K Cancellation of an individual's registration as a debt agreement administrator Scope (1) This section applies in relation to an individual if the individual is a registered debt agreement administrator. Individual no longer passes the basic eligibility test (2) The Inspector‑General must cancel the individual's registration as a debt agreement administrator if the Inspector‑General is satisfied that the individual no longer passes the basic eligibility test. Other grounds for cancellation of registration (3) The Inspector‑General may ask the individual to give the Inspector‑General a written explanation why the individual should continue to be registered as a debt agreement administrator, if the Inspector‑General has reasonable grounds to believe that: (a) the individual no longer has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to a debt agreement; or (b) the individual has failed to properly carry out the duties of an administrator in relation to a debt agreement; or (c) the individual no longer has the qualifications or experience prescribed by regulations made for the purposes of paragraph 186C(2)(e); or (d) the individual has contravened a condition of the individual's registration. (4) If: (a) the Inspector‑General does not receive an explanation within 28 days of requesting it; or (b) receives an explanation, but is not satisfied with it; the Inspector‑General may cancel the individual's registration as a debt agreement administrator. Notice of cancellation (5) If the Inspector‑General cancels, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector‑General must give the individual written notice of the cancellation, and the reasons for it. Removal of registration details (6) If the Inspector‑General cancels, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector‑General must remove the individual's registration details from the National Personal Insolvency Index. Guidelines (7) In deciding whether to cancel, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector‑General must have regard to any relevant guidelines in force under section 186Q. Review (8) If the Inspector‑General decides to cancel, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the individual may apply to the Administrative Appeals Tribunal for review of the decision. 186L Cancellation of a company's registration as a debt agreement administrator Scope (1) This section applies in relation to a company if the company is a registered debt agreement administrator. Company no longer passes the basic eligibility test (2) The Inspector‑General must cancel the company's registration as a debt agreement administrator if the Inspector‑General is satisfied that the company no longer passes the basic eligibility test. Other grounds for cancellation of registration (3) The Inspector‑General may ask the company to give the Inspector‑General a written explanation why the company should continue to be registered as a debt agreement administrator, if the Inspector‑General has reasonable grounds to believe that: (a) the company no longer has the ability to satisfactorily perform the duties of an administrator in relation to a debt agreement; or (b) the company has failed to properly carry out the duties of an administrator in relation to a debt agreement; or (c) the company has contravened a condition of the company's registration. (4) If: (a) the Inspector‑General does not receive an explanation within 28 days of requesting it; or (b) receives an explanation, but is not satisfied with it; the Inspector‑General may cancel the company's registration as a debt agreement administrator. Notice of cancellation (5) If the Inspector‑General cancels, under subsection (2) or (4), a company's registration as a debt agreement administrator, the Inspector‑General must give the company written notice of the cancellation, and the reasons for it. Removal of registration details (6) If the Inspector‑General cancels, under subsection (2) or (4), a company's registration as a debt agreement administrator, the Inspector‑General must remove the company's registration details from the National Personal Insolvency Index. Guidelines (7) In deciding whether to cancel, under subsection (2) or (4), a company's registration as a debt agreement administrator, the Inspector‑General must have regard to any relevant guidelines in force under section 186Q. Review (8) If the Inspector‑General decides to cancel, under subsection (2) or (4), a company's registration as a debt agreement administrator, the company may apply to the Administrative Appeals Tribunal for review of the decision. Subdivision D—Ineligibility of a person to act as a debt agreement administrator 186M Inspector‑General may declare a person ineligible to act as an administrator (1) This section applies to a person if: (a) the person is or was the administrator of a debt agreement; and (b) the person is not: (i) a registered debt agreement administrator; or (ii) a registered trustee. (2) The Inspector‑General may ask the person to give the Inspector‑General a written explanation why the person should continue to be eligible to act as an administrator of debt agreements, if the Inspector‑General has reasonable grounds to believe that the person has failed to properly carry out the duties of an administrator in relation to the debt agreement. (3) If: (a) the Inspector‑General does not receive an explanation within 28 days of requesting it; or (b) receives an explanation, but is not satisfied with it; the Inspector‑General may declare that the person is ineligible, for a period of 3 years, to act as an administrator of debt agreements. (4) If the Inspector‑General makes a declaration under subsection (3), the Inspector‑General must give the person written notice of the declaration, and the reasons for it. Guidelines (5) In deciding whether to make a declaration under subsection (3), the Inspector‑General must have regard to any relevant guidelines in force under section 186Q. Review (6) If the Inspector‑General decides to make a declaration under subsection (3) in relation to a person, the person may apply to the Administrative Appeals Tribunal for review of the decision. Subdivision E—Miscellaneous 186N Return of certificate of registration Surrender of registration as a debt agreement administrator (1) A person commits an offence if: (a) the person has been given a certificate of registration under subsection 186D(3); and (b) the person gives a notice under subsection 186J(2) surrendering the person's registration as a debt agreement administrator; and (c) the person does not return the certificate of registration to the Inspector‑General as soon as practicable after the Inspector‑General accepts the notice. Penalty: 1 penalty unit. (2) Subsection (1) does not apply if the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code). Cancellation of an individual's registration as a debt agreement administrator (3) An individual commits an offence if: (a) the individual has been given a certificate of registration under subsection 186D(3); and (b) the individual's registration as a debt agreement administrator is cancelled under section 186K; and (c) the individual does not return the certificate of registration to the Inspector‑General as soon as practicable after the individual is given a notice under subsection 186K(5) in relation to the cancellation. Penalty: 1 penalty unit. (4) Subsection (3) does not apply if the individual has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code). Cancellation of a company's registration as a debt agreement administrator (5) A company commits an offence if: (a) the company has been given a certificate of registration under subsection 186D(3); and (b) the company's registration as a debt agreement administrator is cancelled under section 186L; and (c) the company does not return the certificate of registration to the Inspector‑General as soon as practicable after the company is given a notice under subsection 186L(5) in relation to the cancellation. Penalty: 1 penalty unit. (6) Subsection (5) does not apply if the company has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code). Strict liability (7) Subsections (1), (3) and (5) are offences of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code. 186P Cessation of registration as a debt agreement administrator—no refund of fees (1) This section applies if a person ceases to be registered as a debt agreement administrator. (2) The person is not entitled to a refund of all or part of a fee paid by the person in relation to the person's registration as a debt agreement administrator. 186Q Guidelines relating to Inspector‑General's powers The Inspector‑General may, by legislative instrument, formulate guidelines for the purposes of the following provisions: (a) subsection 186C(6); (b) subsection 186K(7); (c) subsection 186L(7); (d) subsection 186M(5). Note: For consultation requirements, see Part 3 of the Legislative Instruments Act 2003. 20 Paragraph 316(1)(a) Omit "subsections 163A(2),", substitute "subsection 163A(2), paragraphs 186B(2)(c) and 186D(1)(b) and subsections". 21 Transitional—approval of form (1) This item applies to a written approval that: (a) was given by the Inspector‑General for the purposes of the definition of approved form in subsection 5(1) of the Bankruptcy Act 1966; and (b) was in force immediately before the commencement of this item. (2) The amendment of that definition by this Schedule does not affect the continuity of the approval. (3) Section 33 of the Acts Interpretation Act 1901 has effect, in relation to the instrument of approval, as if the amendment of that definition by this Schedule had been in force at the time when the approval was given. 22 Application of amendment—subsection 20B(7A) of the Bankruptcy Act 1966 Subsection 20B(7A) of the Bankruptcy Act 1966 applies to payments made before, at or after the commencement of this item. 23 Transitional—sections 186C, 186K and 186L of the Bankruptcy Act 1966 Before 1 July 2007, paragraphs 186C(2)(d) and (4)(d), 186K(3)(a) and 186L(3)(a) of the Bankruptcy Act 1966 have effect as if the amendments made by Schedule 2 to this Act, to the extent to which they relate to a duty of an administrator in relation to a debt agreement, had commenced at the same time as this item commences. Schedule 2—Amendments commencing on 1 July 2007 Bankruptcy Act 1966 1 Subsection 5(1) (paragraph (b) of the definition of administrator) Omit "appointed by the Inspector‑General", substitute "who becomes the replacement administrator". 2 After subsection 12(1D) Insert: (1E) For the purposes of paragraph (1)(bb), if a person signs a certificate under subsection 185C(2D) in relation to a debt agreement proposal, the person's conduct in relation to the certificate is taken to be conduct of an administrator that relates to a debt agreement. (1F) For the purposes of paragraph (1)(bb), if a person: (a) gives a notification in compliance, or purported compliance with subsection 185N(5); or (b) breaches subsection 185N(5); the giving of the notification, or the breach, as the case may be, is taken to be the conduct of an administrator that relates to a debt agreement. 3 At the end of subsection 155A(2) Add: ; and (g) has not had his or her registration as a debt agreement administrator cancelled, within 10 years before making the application, as a result of an order under section 185ZCA. 4 At the end of subsection 155A(4) Add: ; or (f) has had his or her registration as a debt agreement administrator cancelled, within 10 years before making the application, as a result of an order under section 185ZCA. 5 Division 1 of Part IX (heading) Repeal the heading, substitute: Division 1—Introduction 6 Subsection 185(1) Omit "(1)". Note: The heading to subsection 185(1) is deleted. 7 Subsection 185(1) Insert: account‑freezing notice means a notice under subsection 186LB(2). 8 Subsection 185(1) Insert: applicable deadline: (a) in relation to a debt agreement proposal, means: (i) if Official Receiver accepted the proposal for processing in December—the end of the 42nd day after the acceptance; or (ii) otherwise—the end of the 35th day after the Official Receiver accepted the proposal for processing; or (b) in relation to a proposal to vary a debt agreement, means: (i) if the proposal was given to the Official Receiver in December—the end of the 42nd day after the proposal was given; or (ii) otherwise—the end of the 35th day after the proposal was given to the Official Receiver; or (c) in relation to a proposal to terminate a debt agreement, means: (i) if the proposal was given to the Official Receiver in December—the end of the 21st day after the proposal was given; or (ii) otherwise—the end of the 14th day after the proposal was given to the Official Receiver. 9 Subsection 185(1) Insert: bank means an ADI or any other bank. 10 Subsection 185(1) (definition of debtor) Repeal the definition. 11 Subsection 185(1) Insert: designated 6‑month arrears default has the meaning given by subsection 185LC(3). 12 Subsection 185(1) (paragraph (b) of the definition of frozen debt) Repeal the paragraph, substitute: (b) would be a provable debt in relation to the proposed debt agreement if it were made; 13 Subsection 185(1) (definition of provable debt) Omit "making of the debt agreement", substitute "acceptance of the relevant debt agreement proposal for processing". 14 Subsection 185(1) Insert: working day means a day that is not: (a) a Saturday or a Sunday; or (b) a public holiday in any place in Australia. 15 Subsections 185(2) and (3) Repeal the subsections. 16 Sections 185A and 185B Repeal the sections. 17 Subsection 185C(1) After "debtor", insert "who is insolvent". 18 Before paragraph 185C(2)(a) Insert: (aa) be in the approved form; and 19 At the end of subsection 185C(2) Add: ; and (d) provide that: (i) all provable debts in rel