Section 185H — Bankruptcy Act 1966: Making a debt agreement

(1) This section sets out the 2 situations in which a debt agreement is made. Unconditional debt agreement proposals (2) If: (a) a debt agreement proposal is accepted; and (b) the proposal is not expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted; then: (c) the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and (d) the debt agreement is made in the terms of the proposal when those details are so entered. Note: Section 185EC explains how a proposal is accepted. Conditional debt agreement proposals (3) If: (a) a debt agreement proposal is accepted; and (b) the proposal is expressed to be subject to the occurrence of a specified event within a specified period after the proposal is accepted; and (c) the event occurs within that period; then: (d) the Official Receiver must enter details of the debt agreement concerned on the National Personal Insolvency Index; and (e) the debt agreement is made in the terms of the proposal when those details are so entered. Note: Section 185EC explains how a proposal is accepted.