Summary

Amends the

in relation to the operation of debt agreements under Part IX by providing for: the registration of administrators; proportional payments under an agreement to administrators and creditors; debtors’ proposals to be accepted by a majority in value of creditors; mechanisms to deal with defaulting debtors; and clarifying the operation of the Act in relation to: deregistered administrators; debts covered by an agreement; treatment of secured creditors; and investigative powers of the Inspector-General in Bankruptcy.